The World Bank is set to decide on three major loan projects for Nigeria in 2025, totalling $1.65bn, as part of efforts to address critical developmental challenges in the country.
The loans, currently in the pipeline, will focus on internally displaced persons, education, and nutrition enhancement, The PUNCH reports.
According to information obtained from the World Bank’s website, 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.
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.
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 PUNCH further observed that the Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months. The amount increased to the new figure following the latest approval of a new $500m loan from the World Bank for a project in Nigeria.
The Board of the World Bank Group approved a $500m loan to Nigeria last week Friday (December 13, 2024) to boost rural access and agricultural marketing in the country.
According to information obtained from the Washington-based institution, the loan is for the Rural Access and Agricultural Marketing Project—Scale Up.
It is designed to bridge the gap between rural communities and the broader marketplace, facilitating smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among rural populations.
This was the 10th loan project from the World Bank under the administration of President Bola Tinubu.
The first project approved under Tinubu’s administration was the $750m Power Sector Recovery Performance-Based Operation.
This loan is designated as additional financing for the power sector recovery performance-based operation, a crucial component of Nigeria’s broader strategy to stabilize and enhance its power sector.
On June 27, 2023, the World Bank Group announced the approval of a loan of $500m to help Nigeria drive women’s empowerment.
This was the second loan approved by the bank under Tinubu’s administration. It provided a scale-up financing for the Nigeria for Women Programme.
