Nigeria is set to gain approval from the World Bank for three significant loan projects amounting to $1.5 billion, with a final decision anticipated on September 26, 2024. These loans are intended to strengthen the country’s initiatives in healthcare, governance, and infrastructure.
As stated on the World Bank’s website, the initiatives consist of the Nigeria Primary Healthcare Provision Strengthening Program, the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance project, and the Sustainable Power and Irrigation for Nigeria (SPIN) project, with each slated to receive $500 million.
“The HOPE Governance project, which was originally scheduled for approval on September 17, 2024, has been rescheduled to September 26. The initiative aims to enhance human capital by emphasizing education, health, and social protection services.
“The Nigeria Primary Healthcare Provision Strengthening Program, which has been postponed to September 26, seeks to improve the country’s healthcare system by upgrading infrastructure, training healthcare workers, and enhancing service delivery.
Meanwhile, the SPIN project will target sustainable power generation and irrigation, both of which are vital for agricultural and industrial growth.
In addition to the pending loan approvals, the World Bank recently greenlit two other projects worth a combined $2.25 billion to support Nigeria’s economic stability and vulnerable populations. These include the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) program and the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) program.
So far, Nigeria has secured $4.95 billion in loans under the administration of President Bola Tinubu, although only 16% of the funds have been disbursed as of July 2024. If the three pending projects are approved, this total will rise to $6.45 billion. However, the slow pace of disbursement has raised concerns about the effectiveness of project implementation.
Data from Nigeria’s Debt Management Office (DMO) indicates the country owed the World Bank $15.59 billion as of March 2024.
