Nigeria is nearing approval from the World Bank for three strategic loan schemes totaling $1.5 billion, designed to enhance the nation’s prospects in health, governance, and infrastructure.
The series of projects, expected to be approved on September 26, 2024, includes the Nigeria Primary Healthcare Provision Strengthening Program ($500 million), the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance project ($500 million), and the Sustainable Power and Irrigation for Nigeria (SPIN) Project ($500 million).
These loans complement the $2.25 billion package recently authorized to maintain macroeconomic stability and assist disadvantaged segments of the Nigerian population.
As of the latest records, the World Bank’s outstanding debt to Nigeria stands at $15.59 billion, as shown in the Debt Management Office’s external debt stock report. Should it be ratified, this would mean an increment of the total loan amount to $6.45 billion.
