The Nigerian government is set to receive a new $1.5 billion loan from the World Bank, with approval expected on September 26. According to the World Bank’s project list, the funds will be channeled into three major development projects aimed at improving Nigeria’s economic stability and resource mobilisation.
The first project, the ‘Primary Healthcare Provision Strengthening Programme,’ will receive $500 million. Another $500 million will be allocated to the ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project, with a total project cost of $700 million. The final $500 million will go towards the ‘Sustainable Power and Irrigation for Nigeria’ project, part of a $10.75 billion initiative.
These loans are part of the government’s broader strategy to address challenges in healthcare, agriculture, and infrastructure, which are crucial for Nigeria’s sustainable development.
In addition, the World Bank is expected to approve two more loans for Nigeria: a $500 million loan for the ‘Rural Access and Agricultural Marketing Project – Scale Up,’ by December 16, and a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project’ by April 2025.
Nigeria’s reliance on external loans has been growing, with earlier World Bank loans including $500 million for electricity distribution and $750 million for humanitarian and social reforms.
The new loans will further bolster the country’s ongoing economic reforms and infrastructure development efforts.
