Thursday, February 27, 2025 -The World Bank has approved a total of $2.2 billion in new loans for the Federal Government of Nigeria in 2025.
According to the World Bank’s project list, the $2.2 billion will be
allocated across six different projects.
The global bank has earmarked $500 million for the ‘Community Action for
Resilience and Economic Stimulus Programme,’ which is set for approval on March
17.
Also on March 31, the World Bank plans to approve $552 million for the
‘HOPE for Quality Basic Education for All’ and $800 million for ‘Accelerating
Nutrition Results in Nigeria 2.0.’
Similarly, the bank stated that it will approve $300 million for the
‘Solutions for the Internally Displaced and Host Communities Project’ on July
15 and another $300 million for the ‘Health Security Program’ on August 19.
It was also noted that another project, ‘Building Resilient Digital
Infrastructure for Growth (BRIDGE),’ will receive $500 million upon approval on
September 15.
According to the World Bank, the BRIDGE initiative and the Health
Security Programme are currently in the concept review stage, indicating that
they are still in the early stages of assessment and planning.
On November 19, 2024, Nigeria’s loan exposure from the World Bank’s
International Development Association (IDA) rose to $17.1 billion.
According to the IDA’s financial statement for September 2024, Nigeria
ranked third on the list of the top 10 borrowers.
As of December 31, 2024, Nigeria’s exposure had dropped to $16.8
billion, but the country retained its position as the third-largest debtor to
the World Bank’s IDA.
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