The World Bank says that it plans to grant three major loan projects to Nigeria in 2025, totalling $1.65 billion, as part of efforts to address critical developmental challenges in the West African country.
The loans, according to the bank, will focus on internally displaced persons, education, and nutrition enhancement.
The World Bank stated in a post on its website that the loans are designed to support Nigeria’s social and economic recovery, particularly in vulnerable sectors requiring urgent intervention.
The first project, titled Solutions for the Internally Displaced and Host Communities Project, has a commitment amount of $300m and is scheduled for approval on April 8, 2025.
The project, which remains at the concept review stage, seeks to provide sustainable solutions for internally displaced persons and their host communities, addressing their social and economic challenges.
The second project, HOPE for Quality Basic Education for All, is expected to receive $553.8m in financing.
Its approval is slated for March 20, 2025, and it also remains in the concept review phase, while the third project, Accelerating Nutrition Results in Nigeria 2.0, involves the largest share of the proposed loans, with a commitment of $800m.
The World Bank is expected to hold a decision meeting on the project by February 20, 2025.
The $1.65bn financing package reflects the World Bank’s continued commitment to supporting Nigeria’s ongoing reforms.
According to the Punch newspaper report on Tuesday, the World Bank’s schedule indicates that decisions on these loans will be made in early 2025, with Nigeria’s ability to meet project prerequisites and demonstrate accountability in implementation likely to play a key role in getting the funds.
The report recalls that the Board of the World Bank Group approved a $500m loan to Nigeria on Friday (December 13, 2024) to boost rural access and agricultural marketing in the country.
GIK/APA