Business
World Bank Approves $632m Loans for Nigeria’s Nutrition, Education
The World Bank is set to approve $632 million in new loans for Nigeria on Monday, despite mounting concerns over the country’s rising debt.
According to details published on the World Bank’s website, the funding includes $80 million for the Accelerating Nutrition Results in Nigeria 2.0 Project and $552 million for the HOPE for Quality Basic Education for All Programme. Both projects are currently in the negotiation phase and are expected to receive final approval by the end of the day.
This comes just days after the World Bank approved a $500 million loan for Nigeria’s Community Action for Resilience and Economic Stimulus Programme, aimed at expanding access to livelihood support, food security, and grants for vulnerable households and businesses.
In 2023, Nigeria secured $2.7 billion in World Bank loans for renewable energy, women’s empowerment, education, and power projects. However, the total funding approved in 2024 has surged to $4.32 billion, reflecting Nigeria’s increasing financial needs amid economic challenges and growing public debt.
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