The World Bank is set to approve three major loan projects for Nigeria in 2025, with a combined value of $1.65 billion, to address critical developmental challenges in displacement, education, and nutrition.
According to details obtained from the World Bank’s website, the loans aim to support Nigeria’s social and economic recovery, particularly in vulnerable sectors requiring urgent intervention.
The first project, “Solutions for the Internally Displaced and Host Communities”, is valued at “$300 million” and is scheduled for approval on “April 8, 2025”.
Currently at the concept review stage, the initiative focuses on providing sustainable solutions to internally displaced persons (IDPs) and their host communities, targeting both social and economic challenges.
The second project, “HOPE for Quality Basic Education for All”, will receive “$553.8 million” and is expected to be approved by “March 20, 2025”.
It aims to strengthen access to quality basic education in underserved areas.
The largest allocation, “$800 million”, is earmarked for the “Accelerating Nutrition Results in Nigeria 2.0” project, which seeks to tackle malnutrition nationwide.
The World Bank will make a decision on the project by “February 20, 2025”.
The World Bank’s financing reflects its continued commitment to Nigeria’s reform agenda under President Bola Tinubu’s administration.
These projects are expected to deliver transformative results for Nigeria’s most vulnerable populations, provided the country meets prerequisites and ensures project accountability.
The Federal Government has ramped up its borrowing from the World Bank, securing loans worth “$6.95 billion” over the last 18 months.
The figure includes a “$500 million” loan approved on “December 13, 2024”, for the Rural Access and Agricultural Marketing Project-Scale Up.
This project seeks to improve rural connectivity by bridging the gap between rural communities, agricultural markets, and essential services like hospitals and schools.
The latest approvals mark the 10th World Bank-backed project under Tinubu’s administration.
Earlier loans included funding for Nigeria’s power sector recovery, women empowerment, adolescent education, and renewable energy access.
The World Bank’s share of Nigeria’s external debt currently stands at “$16.32 billion”, predominantly owed to the International Development Association (IDA), which accounts for “38 per cent” of Nigeria’s total foreign debt.
With Nigeria spending “$3.58 billion” on external debt servicing in the first nine months of 2024 a “39.77 per cent increase” from the $2.56 billion recorded in the same period in 2023, the country faces mounting pressure to balance its growing debt burden with critical development needs.
These upcoming loan decisions are expected to play a pivotal role in boosting education access, addressing malnutrition, and providing relief for displaced populations while supporting long-term economic growth and resilience.
