World Bank has approved Nigeria’s $1.13 billion loan request.
Gatekeepers News reports that the bank in a post on its website, noted that three different financing requests were approved in March, for projects targeting quality education, household and community resilience, and improved nutrition.
According to World Bank; $80 million was approved for ‘Accelerating Nutrition Results in Nigeria 2.0′ project, and $552 million for the ‘HOPE for Quality Basic Education for All programme’, on March 31.
Additionally, a $500 million loan was sanctioned on March 28 for the ‘Community Action for Resilience and Economic Stimulus Programme’
On February 28, the federal government said it was expecting to receive new loans from World Bank, totalling $2.2 billion in 2025.
It was revealed in Washington-based financial institution’s project list, that the $2.2 billion will be cut across six different projects.
World Bank gave Nigeria $1.5 billion in 2024 for several significant development initiatives meant to strengthen the country’s ability to mobilise resources and maintain economic stability.
According to reports; Nigeria’s loan exposure from World Bank’s International Development Association (IDA) rose to $17.1 billion as of September 30, 2024.
IDA’s financial statement for September 2024, stated that Nigeria maintained the third spot in its top 10 borrowers’ list.
