It has been decided by the World Bank that the Federal Government of Nigeria will receive a total of $2.2 billion in fresh loans in the year 2025.
According to the project list provided by the World Bank, the $2.2 billion will be disbursed among six distinct sorts of initiatives.
For the “Community Action for Resilience and Economic Stimulus Programme,”which is scheduled to be approved on March 17, the global bank has set aside a figure of five hundred million dollars.
Additionally, on March 31, the World Bank intends to give its approval to the HOPE for Quality Basic Education for All program totaling $552 million and the Accelerating Nutrition Results in Nigeria 2.0 program totaling $800 million.
On the same note, the financial institution has announced that it will grant approval for a total of $300 million for the Solutions for the Internally Displaced and Host Communities Project on July 15 and another $300 million for the Health Security Program this coming August 19.
In addition, it was mentioned that by the 15th of September, another project called Building Resilient Digital Infrastructure for Growth (BRIDGE) will be granted a sum of $500 million if it is approved.
The BRIDGE initiative and the Health Security Programme are currently in the concept review stage, as stated by the World Bank.
This highlights the fact that both of these initiatives are still in the preliminary stages of evaluation and planning.
Loan exposure to Nigeria increased to $17.1 billion on November 19, 2024, from the International Development Association (IDA) of the World Bank.
The International Development Association (IDA) reported that Nigeria was the third largest borrower in its September 2024 financial statement.
Despite a decline of $16.8 billion as of December 31, 2024, Nigeria remained the third-biggest debtor to the World Bank’s IDA.