Nigeria Awaits World Bank’s $1.5bn Loan for Economic Stability

By Aduragbemi Omiyale

The World Bank is expected a fresh worth $.15 billion for Nigeria on Thursday, September 26, 2024, to provide the country with economic stability.

The new funds would be used by the federal government to finance three key developmental projects tailored to improve the lives of the citizens.

It was gathered that the first project tagged Nigeria: Primary Healthcare Provision Strengthening Programme will get a $500 million allocation. The timeline for this project was not given by the lending institution based in the United States.

Nigeria will also receive another $500 million for an initiative called the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ which costs about $700 million.

As for the third project, which costs $10.75 billion, known as Sustainable Power and Irrigation for Nigeria, the last tranche of $500 million would be released by the World Bank for its implementation.

This is not the first time the federal government is getting funding support from the World Bank and it may not be the last as Nigeria is also expecting more later this year and next year.

According to reports, the sum of $500 million is expected by December 16, 2024, for the Rural Access and Agricultural Marketing Project – Scale Up, and $300 million for Solutions for the Internally Displaced and Host Communities Project on April 8, 2025.

The projects picked for the funding packing were taken because of the likely positive impact on the economy, which is struggling for survival.