The World Bank will approve two new loans totaling $632 million for Nigeria on Monday, even as concerns over the country’s increasing debt burden weigh on the institution.
The loans are made up of $80 million for the Accelerating Nutrition Results in Nigeria 2.0 Project and $552 million for the HOPE for Quality Basic Education for All Programme, the Sunday data from the bank’s website reveals. The two projects are at the final stages of negotiations and are to be approved later today.
This is barely days following the approval on March 28, 2025, by the World Bank of a $500 million loan under the Community Action for Resilience and Economic Stimulus Programme to finance the increase in livelihood support, food security activities, and grants to the poor households and businesses.
Nigeria was paid $2.7 billion in World Bank loans in 2023, predominantly for power sector, renewable energy, women empowerment, and education projects. However, 2024 has seen an even greater inflow of funds with $4.32 billion approved to date.
The rising approvals for loans are proof of Nigeria’s urgent need for funds amidst economic uncertainty, fiscal pressures, and mounting public debt.
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Olawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.
