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$500m World Bank loan: Nigeria set for IDA credit to boost agricultural productivity
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Agricultural value chains: Project targets smallholder farmers, food security, job creation
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External debt burden: Nigeria’s debt hits $46.98bn as World Bank exposure rises
Nigeria is set to secure a fresh $500 million loan from the World Bank, despite concerns over the country’s rising external debt profile.
According to official project documents, the loan is scheduled for approval on March 30, 2026. The facility, valued at $500 million, will be financed entirely by the World Bank’s concessional lending arm, the International Development Association, through an IDA credit arrangement.
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The borrower is listed as the Federal Republic of Nigeria, while implementation will be overseen by the Federal Ministry of Agriculture and Food Security in collaboration with participating state governments.
The project is designed to boost smallholder farmer productivity and strengthen targeted agricultural value chains in selected states. It also aims to address food and nutrition insecurity while creating sustainable employment opportunities.
According to the World Bank, the programme will focus on four key components, including integrating smallholder farmers into competitive value chains, modernising production systems, strengthening policy and regulatory frameworks to attract private investment in input markets, and ensuring effective coordination and monitoring of the project.
The planned facility comes at a time when Nigeria’s external debt continues to climb.
Recent data show that funding from the International Development Association rose by $1.9 billion within one year, reaching $18.7 billion as of December 31, 2025.
Figures from the Debt Management Office indicate that Nigeria’s total external debt stood at $46.98 billion as of June 30, 2025, with the World Bank Group accounting for $19.39 billion of the total.
