The World Bank is set to approve $1.65bn in loans for Nigeria in 2025, focusing on projects to support internally displaced persons, improve education, and enhance nutrition in vulnerable sectors.
-The three major projects include $300m for displaced persons, $553.8m for quality education, and $800m for accelerating nutrition results, with decisions scheduled between February and April 2025.
-Under President Bola Tinubu’s leadership, Nigeria has secured $6.95bn in loans from the World Bank, including the latest $500m loan for rural access and agricultural marketing, marking the 10th loan approval since Tinubu took office.
-The World Bank has approved multiple loans for Nigeria in 2023 and 2024, including $700m for adolescent girls’ education, $750m for renewable energy access, and a combined $2.25bn for economic stabilization and resource mobilization reforms.
-In September 2024, the World Bank approved a $1.57bn financing package for Nigeria, including projects focused on improving governance in education and healthcare, strengthening primary healthcare, and addressing climate challenges through sustainable power and irrigation.
-Nigeria’s external debt to the World Bank totals $16.32bn, with most of it owed to the International Development Association. Additionally, the country spent $3.58bn on servicing foreign debt in the first nine months of 2024, marking a significant increase from the previous year.
Peoplesmind
