The Federal Government of Nigeria is set to receive a fresh loan from the World Bank, with approval expected for loans worth $1.7 billion. The loan is expected to be approved on September 26, 2024.
The funds will be received via three major development projects aimed at enhancing Nigeria’s economic stability and resource mobilisation capabilities.
The first project is the Nigeria: Primary Healthcare Provision Strengthening Programme, which is set to receive $500m.
The second project, Nigeria Human Capital Opportunities for Prosperity and Equity Governance, has proposed funding of $500m.
While the Sustainable Power and Irrigation for Nigeria Project will receive the highest funding of $700m.
The document stated that these projects have reached the negotiation stage and are expected to be approved on September 26, 2024.
The negotiation stage, the final phase of the loan process, indicates that the request has successfully cleared the appraisal stage between Nigeria, represented by the Minister of Finance, and the World Bank.