The Nigerian Government is set to secure six new loans totalling $2.23 billion from the World Bank in 2025 as the international financial institution continues to support West African country’s economic and structural reforms.
The Punch newspaper report on Wednesday said that the Data from the World Bank’s official website indicated that this would bring Nigeria’s total approved loans to $9.25bn over three years, reflecting a growing reliance on multilateral funding to support critical sectors of the Nigerian economy, including infrastructure, healthcare, education, and economic resilience.
The report stated that Nigeria’s loan approvals from the World Bank since 2023 under the current administration of President Bola Tinubu shows a significant increase in funding commitments.
It added that in 2023, the World Bank approved loans amounting to $2.7bn, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector.
Among the projects approved in 2023 was the Nigeria Distributed Access through Renewable Energy Scale-up Project, which received $750m to expand private sector-led access to reliable electricity services for households, public institutions, and commercial customers.
Another notable loan approved in 2023 was the Additional Financing for Adolescent Girls Initiative for Learning and Empowerment, valued at $700m, aimed at improving secondary education opportunities for girls in targeted areas.
The World Bank also approved $500m for Nigeria for Women Programme Scale-Up Project, which sought to institutionalise Women Affinity Groups and enhance economic opportunities for unbanked women.
One of the largest approvals in 2024 was the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing, which received $1.5bn.
The objective of this funding was to strengthen Nigeria’s economic policy framework by creating fiscal space and protecting vulnerable populations.
Another major loan approval was the NG Accelerating Resource Mobilisation Reforms Programme for Results, which was allocated $750m to raise non-oil revenues and safeguard oil and gas revenues.
Other key approvals in 2024 included the Rural Access and Agricultural Marketing Project – Scale-Up, which received $500m to improve rural access and climate resilience, and the Nigeria Primary Healthcare Provision Strengthening Programme, which was approved for $570m to enhance the utilisation of essential healthcare services and improve health system resilience.
The Nigeria Human Capital Opportunities for Prosperity and Equity – Governance initiative was also approved in 2024, securing $500m in funding to strengthen financial and human resource management in the basic education and primary healthcare sectors.
So far, not less than 10 loan projects have been approved by the World Bank under the current administration of Bola Tinubu.
For 2025, Nigeria is looking to secure six new loans from the World Bank, with a combined value of $2.23bn.
The planned loans cover key sectors such as digital infrastructure, healthcare, education, nutrition, and community resilience.
Among the new projects in the pipeline is the Building Resilient Digital Infrastructure for Growth initiative, which is expected to receive $500m to expand broadband internet access in underserved areas of the country.
This project aligns with the Federal Government’s digital economy strategy, which seeks to improve connectivity and enhance economic opportunities through the expansion of high-quality digital infrastructure.
GIK/APA