The Federal Government is set to secure six new loans totalling $2.23bn from the World Bank in 2025 as the international financial institution continues to support the country’s economic and structural reforms.
Data from the World Bank’s official website indicates that this will bring Nigeria’s total approved loans to $9.25bn over three years, reflecting a growing reliance on multilateral funding to support critical sectors of the economy, including infrastructure, healthcare, education, and economic resilience.
An analysis of Nigeria’s loan approvals from the World Bank since 2023 under the administration of President Bola Tinubu shows a significant increase in funding commitments.
In 2023, the World Bank approved loans amounting to $2.7bn, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector
Among the projects approved that year was the Nigeria Distributed Access through Renewable Energy Scale-up Project, which received $750m to expand private sector-led access to reliable electricity services for households, public institutions, and commercial customers.
Another notable loan approved in 2023 was the Additional Financing for Adolescent Girls Initiative for Learning and Empowerment, valued at $700m, aimed at improving secondary education opportunities for girls in targeted areas.
The World Bank also approved $500m for Nigeria for Women Programme Scale-Up Project, which sought to institutionalise Women Affinity Groups and enhance economic opportunities for unbanked women.
Also, Nigeria – AF Power Sector Recovery Performance-Based Operation received $750m to improve electricity supply reliability, achieve financial and fiscal sustainability, and enhance accountability in the power sector.
The funding approvals recorded in 2024 significantly surpassed those of the previous year, with a total of $4.32bn allocated to various projects.
This increase was largely due to Nigeria’s growing need for financial assistance to stabilise the economy amid mounting fiscal pressures and rising public debt.