The World Bank has approved an additional $65m credit facility for Nigeria under the Sustainable Procurement, Environmental, and Social Standards Enhancement project,
According to the Punch newspaper report, this additional financing brings the total project financing to $145m.
Quoting the official records from the World Bank, the newspaper said that the approval was granted on June 24, 2025, ahead of the earlier projected timeline of June 30, 2025.
It added that the project status has since been updated to “active”, with the World Bank confirming that it has reached the “Bank Approved” stage.
The report noted that the SPESSE project, which commenced in 2021, following an initial $80m loan approved in February 2020, is aimed at strengthening Nigeria’s procurement systems and enhancing compliance with environmental and social standards across the public and private sectors.
“The newly approved funds will be channelled towards scaling up key interventions, including the implementation of the Electronic Government Procurement (e-GP) system. “The platform is expected to enhance transparency, reduce procurement delays, and promote more efficient use of public funds,” the report added.
GIK/APA