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World Bank Approves $632m Loan for Nigeria.

Our Reporters2 days ago2 days ago01 mins

The World Bank has approved new loans totaling $632 million to support key sectors in Nigeria, including nutrition and basic education, despite growing concerns over the country’s rising debt. According to the bank’s website, the loans include $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project and $552 million for the HOPE for Quality Basic Education for All program. Both were officially approved on Monday as part of the World Bank’s broader strategy to aid Nigeria’s development in healthcare, education, and community resilience. The funding aims to enhance nutrition outcomes and improve access to quality education for Nigerian children. This follows the World Bank’s approval of a separate $500 million loan on March 28, 2025, for the Community Action for Resilience and Economic Stimulus Programme, which seeks to strengthen livelihoods, food security, and financial support for vulnerable households and businesses.

World Bank approves $1.57bn loan for Nigeria

Our Reporters6 months ago6 months ago02 mins

The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday. The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed. The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery. “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,” the bank said. Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc. The World Bank said part of the money would be used to improve dam safety to protect people from floods. Nigeria faces frequent flooding and this year up to a million people were affected after a dam in northeastern Borno state burst. More floods are expected in Nigeria after authorities in Cameroon started releasing water from a large dam to prevent it from overflowing.