Connect with us

    Hi, what are you looking for?

    Business

    World Bank to approve $2.2bn loan for Nigeria in 2025

    World Bank

    World Bank has approved a total of $2.2 billion in new loans for the Federal Government of Nigeria in 2025.

    According to the World Bank’s project list, the $2.2 billion will be allocated across six different projects.

    The global bank has earmarked $500 million for the ‘Community Action for Resilience and Economic Stimulus Programme,’ which is set for approval on March 17.

    Also on March 31, the World Bank plans to approve $552 million for the ‘HOPE for Quality Basic Education for All’ and $800 million for ‘Accelerating Nutrition Results in Nigeria 2.0.’

    Similarly, the bank stated that it will approve $300 million for the ‘Solutions for the Internally Displaced and Host Communities Project’ on July 15 and another $300 million for the ‘Health Security Program’ on August 19.

    It was also noted that another project, ‘Building Resilient Digital Infrastructure for Growth (BRIDGE),’ will receive $500 million upon approval on September 15.

    According to the World Bank, the BRIDGE initiative and the Health Security Programme are currently in the concept review stage, indicating that they are still in the early stages of assessment and planning.

    On November 19, 2024, Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) rose to $17.1 billion.

    According to the IDA’s financial statement for September 2024, Nigeria ranked third on the list of the top 10 borrowers.

    As of December 31, 2024, Nigeria’s exposure had dropped to $16.8 billion, but the country retained its position as the third-largest debtor to the World Bank’s IDA.

     

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    In a powerful display of public-private synergy, Lagos State Governor Babajide Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat visited the MTN Data Centre booth...

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    Broadcasting

    Gauteng High Court, Johannesburg, has awarded damages of more than R2.6 million to the girlfriend of a Nigerian citizen who was suffocated to d3ath...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...