The World Bank has approved a loan of $1.13 billion for Nigeria to support education, community development, and nutrition initiatives.
According to information released on the bank’s website, three separate financing requests were granted in March.
A portion of the loan, amounting to $80 million, will be directed toward the ‘Accelerating Nutrition Results in Nigeria 2.0’ project, which aims to improve nutrition across the country.
Another $552 million has been allocated to the ‘HOPE for Quality Basic Education for All’ programme, a project designed to enhance the standard of education.
Additionally, the bank approved a $500 million loan for the ‘Community Action for Resilience and Economic Stimulus Programme’ to boost household and community resilience.
The approval follows an earlier announcement by the federal government, which stated that Nigeria was expecting new loans from the World Bank, totaling $2.2 billion in 2025.
These funds are intended to be distributed across six different projects aimed at fostering economic stability and development.
In 2024, Nigeria received $1.5 billion from the financial institution to support various economic initiatives.
The country’s debt exposure to the World Bank’s International Development Association (IDA) stood at $17.1 billion as of September 2024.
However, by December 2024, this amount had reduced slightly to $16.8 billion, though Nigeria remained the third-largest borrower from the IDA.
The latest loan approval adds to Nigeria’s ongoing financial engagements with the World Bank as the government seeks funding to address key economic and social challenges.
These projects are expected to improve living conditions, particularly in education, health, and community resilience efforts.
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