World Bank to Approve $1.65 Billion in Loans for Nigeria’s Development, Focus on IDPs, Education, and Nutrition

 

The World Bank is poised to make decisions on three significant loan projects for Nigeria in 2025, with a total commitment of $1.65 billion. These loans aim to address critical development challenges within the country.

The planned projects will focus on the needs of internally displaced persons (IDPs), education, and nutritional improvements.

According to information from the World Bank’s website, these loans are part of the Bank's efforts to support Nigeria’s social and economic recovery, with an emphasis on vulnerable sectors that require immediate attention.

The first project, titled Solutions for the Internally Displaced and Host Communities Project, is slated for approval on April 8, 2025, with a financing amount of $300 million. Currently in the concept review phase, the project aims to provide sustainable solutions to support internally displaced persons and their host communities, addressing both social and economic hardships.

The second project, HOPE for Quality Basic Education for All, will focus on improving education and is expected to receive $553.8 million. It is scheduled for approval on March 20, 2025, and is also in the concept review stage.

The third initiative, Accelerating Nutrition Results in Nigeria 2.0, will receive the largest share of the funding, with a commitment of $800 million. A decision meeting for this project is set for February 20, 2025.

This $1.65 billion funding package underscores the World Bank’s ongoing support for Nigeria’s reform efforts. The approval of these loans will depend on Nigeria's ability to meet the project prerequisites and demonstrate effective implementation.

According to the PUNCH, under President Bola Tinubu’s leadership, the Nigerian government has secured $6.95 billion in World Bank loans over the past 18 months. This figure includes the recent approval of an additional $500 million loan for a project to improve rural access and agricultural marketing.

The World Bank's Board approved the $500 million loan for the Rural Access and Agricultural Marketing Project—Scale Up on December 13, 2024. The initiative aims to bridge gaps between rural communities and larger markets, enhancing access to agricultural markets, schools, and healthcare facilities while promoting social cohesion in rural areas.

This marks the 10th World Bank loan approved during Tinubu’s administration. Earlier loans include a $750 million loan for the Power Sector Recovery Performance-Based Operation, which is a key component of Nigeria’s strategy to stabilize and strengthen its power sector. In June 2023, the World Bank approved a $500 million loan to support women's empowerment in Nigeria through the Nigeria for Women Program.