World Bank To Approve Fresh $2bn Loan For Nigeria’s Agric, Health, Other Sectors

The World Bank is set to approve a $2bn loan package for Nigeria aimed at bolstering key sectors of the economy, including agriculture, healthlthcare, and infrastructure.

The loan, scheduled for approval between September 26, and December 16 2024 will be allocated to several development projects targeting aforementioned areas.

The $2bn loan will be distributed across multiple projects. $500m is earmarked for the “Nigeria: Primary Healthcare Provision Strengthening Programme,” focusing on improving healthcare services.

Another $500m will go towards the “Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance” project, which will enhance human capital development.

The International Bank for Reconstruction and Development (IBRD) revealed that the funding represents 71.43 per cent of the HOPE project’s total estimated cost of $700m.

Additionally, $500m has been allocated for the “Sustainable Power and Irrigation for Nigeria” project, which has an estimated total cost of $10.75bn.

The “Rural Access and Agricultural Marketing Project – Scale Up,” also with a total estimated cost of $10.75bn, will receive $500m from this loan package. This project is expected to receive approval by December 16, 2024.

Furthermore, the World Bank plans to provide $300m for the “Solutions for the Internally Displaced and Host Communities Project,” with an approval date set for April 8, 2025.

This component addresses the pressing needs of internally displaced persons and their host communities.

Meanwhile, the loan will further push Nigeria’s existing external debt to international lenders.

THE WHISTLER had earlier reported that Nigeria’s public debt under the ruling All Progressive Congress (APC) rose by 903.9 per cent to an all-time high of N121.67tn ($91.46bn) as of March 31, 2024, from N12.1tn ($63.8bn) inherited from the Peoples’ Democratic Party (PDP).