World Bank approves additional $1.57bn loan for Nigeria

The World Bank announced that it has approved an additional $1.57 billion loan to the Nigerian government to fund three projects.

The Washington-based bank disclosed this in a statement on Monday.

The World Bank noted that new funding will support Nigeria in addressing governance challenges in education and healthcare, improving primary healthcare services, and increasing resilience to climate change through enhanced dam safety and irrigation infrastructure.

According to the World Bank, the approval of the loan was made last week on September 26, 2024.

The approved funding highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.

This financing package, including a $1.5 billion loan and a $70 million grant, is part of broader efforts to improve key sectors such as education, healthcare, and water management, while also tackling poverty and boosting productivity.

In June last year, the World Bank approved, $2.25 billion loan facility for Nigeria to back President Bola Ahmed Tinubu’s economic policies.

The development had further increased the country’s debt burden which stood at N121.67 trillion as of March 2024 according to the Debt Management Office.

This comes as financial experts continue to lament Nigeria’s rising debt burden amid a widening infrastructural deficit.