The World Bank Group has approved a $500 million loan for Nigeria to support the country’s Community Action for Resilience and Economic Stimulus (CARES) Programme.
The Bretton Woods institution on its website on Sunday disclosed that the approval was granted by its Board on March 28, 2025, as part of its support for the Nigerian government in addressing the nation’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The project, titled the “NIGERIA: Community Action (for) Resilience and Economic Stimulus Program”, aims to provide essential support to households affected by economic downturns and to bolster community resilience and also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.
According to the World Bank, the programme represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy and by channeling resources directly to underserved communities, the project is expected to alleviate the burden of rising living costs while fostering sustainable growth.
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Apart from the $500 million approved loan, the Nigerian government is also expecting the approval of two additional funding packages this week, including a new $80 million loan, which will be disbursed to accelerate nutrition outcomes across the country.
The second, worth approximately $552 million, is designed to enhance access to quality basic education in the country. Both projects are scheduled for final clearance on March 31, 2025.
The latest loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, particularly in healthcare, education, and poverty alleviation.
