The World Bank is poised to approve a $1.5 billion loan to Nigeria by September 26, 2024. This funding will support three key projects in healthcare, agriculture, and infrastructure, aimed at enhancing economic stability and sustainable development across the country.
The World Bank is set to approve a significant loan of $1.5 billion to Nigeria by September 26, 2024, aimed at enhancing the country’s economic stability. This loan will be allocated to three major development initiatives that focus on critical sectors such as healthcare, agriculture, and infrastructure.
The first project, known as the Primary Healthcare Provision Strengthening Programme, will receive $500 million. While the overall cost for this project remains undisclosed, it is designed to bolster the healthcare system across Nigeria. Another $500 million will be directed towards the Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance project, which has an estimated cost of $700 million.
Additionally, the third initiative, titled Sustainable Power and Irrigation for Nigeria, is set to receive $500 million, although its total cost amounts to $10.75 billion. This comprehensive approach underscores the World Bank’s commitment to supporting Nigeria's sustainable development goals.
Furthermore, two other loan requests are pending approval. One focuses on the Rural Access and Agricultural Marketing Project – Scale Up, with a $500 million allocation expected by December 16. The other, aimed at addressing the needs of internally displaced persons and host communities, is scheduled for approval in April 2025 with a funding of N300 million.
As Nigeria’s external debt to the World Bank continues to rise, these loans reflect ongoing efforts to stabilize and develop the country’s economy.
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