Nigeria Gets World Bank’s $500m Loan Approval To Boost Economic Resilience

Nigeria has secured approval for a $500 million loan from the World Bank, in a significant move to enhance economic resilience.

The World Bank has approved the $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program.

According to information obtained from the bank’s website, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.

The project, officially titled the Nigeria: Community Action for Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and bolster community resilience. It will target vulnerable populations, offering grants to both households and small businesses to mitigate the impact of economic hardships.

The loan approval is expected to significantly enhance Nigeria’s efforts to stimulate the economy through grassroots support, particularly amid ongoing challenges such as inflation and high living costs.

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The stimulus package will focus on improving food security and economic opportunities for communities hit hardest by recent economic fluctuations.

In addition to the $500 million loan approved for the Community Action Program, two more loans are expected to be approved this week.

The second is focused on enhancing quality basic education for all, with a proposed commitment amount of approximately $552 million.

Both projects are currently in the negotiation stage and are expected to receive final approval today, March 31, 2025.

These additional loans are part of a broader strategy by the World Bank to support Nigeria’s development agenda, addressing key areas such as healthcare, education, and community resilience.