The World Bank will approve new loans for nutrition improvement and quality basic education to Nigeria amounting to $632m this Monday despite growing concerns over the country’s rising debt profile.
According to information shared on the World Bank’s website on Sunday, the two loans expected to be approved this Monday include $80m for the Accelerating Nutrition Results in Nigeria 2.0 Project and $552m for the HOPE for Quality Basic Education for All programme.
Both projects are currently in the negotiation stage and were expected to receive final approval later this day.
LEADERSHIP recalls that the World Bank already approved a $500m loan to Nigeria last Friday to support the country’s Community Action for Resilience and Economic Stimulus Programme.
The approval, which took place on March 28, 2025, marked a significant step towards addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
In 2023, the World Bank approved loans totalling $2.7bn, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector.
The total funding approvals in 2024 far exceeded those of the previous year, reaching $4.32 billion across various projects.
This surge was driven by Nigeria’s increasing demand for financial support to stabilise the economy amidst escalating fiscal pressures and rising public debt profile.
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