World Bank to approve $1.5bn loan to Nigeria by September 26

World Bank to approve $1.5bn loan to Nigeria by September 26

The federal government is expected to receive a new loan
from the World Bank, totalling $1.5 billion.

 

According to the Washington-based financial institution’s
project list, the loan is set to be approved on September 26.

 

The $1.5 billion will be distributed through three major
development projects aimed at improving Nigeria’s economic stability and
resource mobilisation capacity.

 

The projects, targeting crucial sectors such as healthcare,
agriculture, and infrastructure, are pivotal for the country’s sustainable
development and economic stability.

 

A breakdown of the projects showed the World Bank will
approve $500 million for the first project tagged ‘Nigeria: Primary Healthcare
Provision Strengthening Programme’.

 

The World Bank did not disclose the cost of the first
project.

 

Another $500 million will be approved for the ‘Nigeria Human
Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project,
which has a project cost of $700 million.

 

The third project, ‘Sustainable Power and Irrigation for Nigeria,’
will also receive $500 million, but has a project cost of $10.75 billion.

 

TheCable reports that two loan requests, one on the ‘Rural
Access and Agricultural Marketing Project – Scale Up,’ will receive $500
million by December 16, and the other on ‘Solutions for the Internally
Displaced and Host Communities Project,’ slated for an approval date of April
8, 2025, will receive N300 million.

 

Nigeria’s external debt to the international lender keeps
growing.

 

In May, the Bureau of Public Enterprises (BPE) said the
federal government has secured a $500 million loan from the World Bank to boost
electricity distribution in the country.

 

Prior to this, the federal government had received $750
million from the World Bank for humanitarian and social reforms and $1.5
billion for its economic stabilisation plan.

 

Also, on June 3, Wale Edun, minister of finance and
coordinating minister of the economy, said the World Bank board of directors
would consider a loan of $2.25 billion for Nigeria.

Source: World Bank to approve $1.5bn loan to Nigeria by September 26

 - NigerianEye
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