World Bank approves $1.08 billion loan for Nigeria

April 2, 2025

The World Bank said on Wednesday it had approved a total of $1.08 billion in concessional financing for Nigeria to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.

The loan, initially designed to respond to the COVID-19 pandemic, is intended to help strengthen the bank’s extensive reach and impact in Nigeria in the face of economic hardships, especially following the government’s economic reforms in 2023, the World Bank said.

The bank said $500 million would go towards an economic stimulus program with another $500 million for education, and the balance would be used to boost standards of nutrition in Nigeria.

REUTERS