The World Bank has approved a significant loan package totaling $1.65bn (approximately N2.47 trillion) to Nigeria, with disbursement expected to take place in 2025.
In an official statement released by the Washington-based financial institution, the World Bank revealed that the loans are part of its ongoing efforts to support Nigeria’s social and economic recovery.
The first of these initiatives is the Solutions for the Internally Displaced and Host Communities Project, which has a commitment of $300 million.
Scheduled for approval on April 8, 2025, this project aims to provide sustainable solutions to support the internally displaced persons (IDPs) and their host communities.
The project is still in its concept review stage, but the objective is clear: addressing the economic and social challenges that these populations face.
READ ALSO: World Bank Approves $500m for Nigeria’s Rural Roads
Another crucial initiative under this loan package is the HOPE for Quality Basic Education for All program.
With a funding commitment of $553.8 million, the program is set for approval on March 20, 2025. The project, which is currently also in the concept review phase, will focus on enhancing the quality of education across the country, ensuring that every Nigerian child, particularly those in underserved regions, has access to quality education.
The largest share of the funding—$800 million—will be allocated to the Accelerating Nutrition Results in Nigeria 2.0 project.
Leave a comment