The World Bank is preparing to approve a $1.7 billion loan for Nigeria on September 26, 2024, aimed at boosting the country’s economic stability.
The loan will fund three major projects: $500 million for the Nigeria Primary Healthcare Provision Strengthening Programme, $500 million for the Nigeria Human Capital Opportunities for Prosperity and Equity Governance project, and $700 million for the Sustainable Power and Irrigation for Nigeria Project.
The funding will target healthcare improvements, human capital development, and sustainable energy infrastructure. According to World Bank documents cited by local media, the projects have already reached the negotiation phase, indicating that they have successfully cleared the appraisal process.
When approved, this loan will bring Nigeria’s total borrowing from the World Bank in 2024 to $3.95 billion, with a cumulative $6.65 billion under President Bola Tinubu who took office in May 2023.
As of March 2024, Nigeria’s total debt to the World Bank stood at $15.59 billion. With the naira depreciating by over 70 percent since 2023, external debt servicing costs continue to grow, though it may boost foreign exchange supply locally.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
