THE World Bank is poised to approve a new loan of $1.5 billion to the federal government. According to the financial institution’s project list, this approval is scheduled for September 26.
The $1.5 billion will be allocated across three significant development projects designed to enhance Nigeria’s economic stability and resource mobilization capabilities. These initiatives, focusing on vital areas like healthcare, agriculture, and infrastructure, are essential for the country’s sustainable development and economic resilience.
A detailed breakdown reveals that the World Bank will earmark $500 million for the first initiative, titled ‘Nigeria: Primary Healthcare Provision Strengthening Programme.’
Another $500 million will be designated for the ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project, which has a total project cost of $700 million.
The third initiative, known as ‘Sustainable Power and Irrigation for Nigeria,’ will also receive $500 million, although it has a project cost of $10.75 billion.
Additionally, one of the loan requests, titled ‘Rural Access and Agricultural Marketing Project – Scale Up,’ is expected to garner $500 million by December 16. Another initiative, ‘Solutions for the Internally Displaced and Host Communities Project,’ is set for approval on April 8, 2025, and will receive N300 million.
In May, the Bureau of Public Enterprises (BPE) announced that the federal government had obtained a $500 million loan from the World Bank to enhance electricity distribution within the country.
To date, the federal government has secured $750 million from the World Bank for humanitarian and social reforms, as well as $1.5 billion for its economic stabilization initiatives.
Furthermore, on June 3, Wale Edun, the finance minister and coordinating minister of the economy, stated that the World Bank’s board of directors would review a loan proposal of $2.25 billion for Nigeria.