The World Bank is considering additional loans totalling $1.65 billion to Nigeria for the execution of three major projects in the country next year to support the nation’s social and economic recovery, particularly in vulnerable sectors requiring urgent intervention.
The Washington D.C-based development finance institution listed the proposed loans on its website as specifically focusing on internally displaced persons, education, and nutrition enhancement projects.
According to the bank, the first project titled ‘Solutions for the Internally Displaced and Host Communities Project’, which is currently at the concept review stage, has a projected commitment amount of $300 million and scheduled for approval on April 8, 2025.
The project seeks to provide sustainable solutions for IDPs and their host communities, by helping the government to address their social and economic challenges.
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The second project titled ‘HOPE for Quality Basic Education for All’ is expected to have $553.8 million committed to it, and the approval is slated for March 20, 2025. The project is currently in the concept review stage.
The third project titled ‘Accelerating Nutrition Results in Nigeria 2.0’, which the World Bank is expected to take a decision on at its meeting on February 20, 2025, has the largest share of the proposed loans, with a commitment of $800 million
The information on the World Bank’s website indicated that decisions on the loans would be made in early 2025, subject to Nigeria’s ability to meet project prerequisites and demonstrate accountability in the projects’ implementation.
