The World Bank has announced that a total of $1.13 billion loan request from Nigeria has been approved.
The disclosure was made on the bank’s website on Wednesday, where it was also revealed that three different financing requests were approved in March.
The requests were reportedly for projects targeting quality education, household and community resilience, and improved nutrition.
According to the World Bank, $80 million was approved for the ‘Accelerating Nutrition Results in Nigeria 2.0’ project and $552 million for the ‘HOPE for Quality Basic Education for All programme’ on March 31.
Daily Sun reported that Nigeria is poised to receive a N2.2 billion World Bank loan in 2025.
The money is allocated to six key development projects aimed at strengthening economic resilience, improving healthcare and education and expanding digital infrastructure.
As of September 30, 2024, Nigeria’s loan exposure under the International Development Association (IDA) stood at $17.1 billion, making it the third-largest borrower.
By December 31, 2024, the figure had slightly decreased to $16.8 billion, but the country retained its position as the third-highest debtor on the World Bank’s list.