It is anticipated that the World Bank will provide $2.2 billion in fresh loans to the federal government in 2025.
As to the project list of the Washington-based financial institution, the $2.2 billion would be distributed among six distinct initiatives.
The “Community Action (for) Resilience and Economic Stimulus Programme,” which the World Bank has allocated $500 million for, must be approved by March 17.
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’
Additionally, the World Bank said that it will authorise $300 million for the “Health Security Program” on August 19 and another $300 million for the “Solutions for the Internally Displaced and Host Communities Project” on July 15.
They also noted that another program, “Building Resilient Digital Infrastructure for Growth (BRIDGE),” will be approved on 15 September and get $500 million.
The BRIDGE project and the Health Security Program are still in the early phases of evaluation and planning, according to the World Bank, which stated that they are in the concept review stage.
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Additionally, the projects HOPE for Quality Basic Education and Accelerating Nutrition Results in Nigeria 2.0 have advanced to the negotiating stage.
In 2024, Nigeria received $1.5 billion from the international lender for several important development projects aimed at enhancing the nation’s capacity to deploy resources and uphold economic stability.
On November 19, 2024, The Explainer reported that Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) rose to $17.1 billion as of September 30, 2024.
According to the IDA’s financial statement for September 2024, Nigeria maintained the third spot in the latest top 10 borrowers’ list.
As of December 31, 2024, Nigeria’s exposure dropped to $16.8 billion, but it still retained its position as the third-largest debtor to the World Bank’s IDA.
