World Bank To Grant Nigeria $1.7bn Loan

Posted by Amarachi on Thu 19th Sep, 2024 - tori.ng

The funds will be received via three major development projects aimed at enhancing Nigeria鈥檚 economic stability and resource mobilisation capabilities.

World Bank

The Tinubu-led Federal Government is set to receive a fresh loan from the World Bank, with approval expected for loans worth $1.7 billion.

The loan is expected to be approved on September 26, 2024, according to official documents obtained by The Punch.

The funds will be received via three major development projects aimed at enhancing Nigeria’s economic stability and resource mobilisation capabilities.

The first project is the Nigeria: Primary Healthcare Provision Strengthening Programme, which is set to receive $500m.

The second project, Nigeria Human Capital Opportunities for Prosperity and Equity Governance, has proposed funding of $500m.

While the Sustainable Power and Irrigation for Nigeria Project will receive the highest funding of $700m.

The document stated that these projects have reached the negotiation stage and are expected to be approved on September 26, 2024. (As of board presentation).

The negotiation stage, the final phase of the loan process, indicates that the request has successfully cleared the appraisal stage between Nigeria, represented by the Minister of Finance, and the World Bank.

If approved, Nigeria will have secured a total of $3.95bn in loans from the bank this year alone and a cumulative $6.65bn under the administration of President Bola Tinubu.