World Bank to Grant $2.2 Billion Loan to Nigeria for Development Projects in 2025

 

Image: VanguardNews

The World Bank has announced plans to approve a $2.2 billion loan for Nigeria in 2025, aimed at funding six critical development projects across the country. This financial support will focus on key areas such as education, health, digital infrastructure, and economic resilience, reflecting the Bank’s commitment to fostering sustainable growth and development in Nigeria. 

Among the projects, the $500 million Community Action for Resilience and Economic Stimulus Programme and the $552 million HOPE for Quality Basic Education for All initiative are set for approval in March 2025. These projects aim to strengthen local economies and improve access to quality education, respectively. Additionally, the $800 million Accelerating Nutrition Results in Nigeria 2.0 and the $300 million Solutions for Internally Displaced and Host Communities Project will address malnutrition and support vulnerable populations. The $500 million Building Resilient Digital Infrastructure for Growth (BRIDGE) initiative, scheduled for approval in September 2025, seeks to enhance Nigeria’s digital capabilities, a critical driver of modern economic growth.

As of September 2024, Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) stood at $17.1 billion, making it the third-largest borrower. By December 2024, this figure slightly decreased to $16.8 billion, yet Nigeria retained its position among the top debtors. The new loans are expected to bolster Nigeria’s economic recovery and development efforts, building on the $1.5 billion secured in 2024 for economic stability and resource mobilization.

While some projects, like BRIDGE and the Health Security Programme, are still in the concept review stage, others, such as the nutrition and education initiatives, have advanced to the negotiation phase. These investments underscore the World Bank’s ongoing partnership with Nigeria to address pressing developmental challenges and promote long-term prosperity.

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