The World Bank is preparing to approve three significant loan projects for Nigeria in 2025, amounting to $1.65 billion. These loans aim to address pressing social and developmental challenges, focusing on internally displaced persons, education, and nutrition.

Information from the World Bank’s website reveals the details of these proposed loans:

• Solutions for the Internally Displaced and Host Communities Project: With a commitment of $300 million, this project seeks to provide sustainable solutions for internally displaced persons and their host communities. It is currently in the concept review stage and is scheduled for approval on April 8, 2025.
• HOPE for Quality Basic Education for All: This project is expected to receive $553.8 million in financing and aims to enhance basic education quality. It is set for approval on March 20, 2025.
• Accelerating Nutrition Results in Nigeria 2.0: The largest of the three, this project involves $800 million to tackle malnutrition. The World Bank will decide on this project by February 20, 2025.

These initiatives reflect the World Bank's continued commitment to supporting Nigeria’s economic recovery and addressing vulnerabilities in critical sectors.

In addition to these upcoming projects, the Federal Government under President Bola Tinubu has secured $6.95 billion in World Bank loans over approximately 18 months. The most recent approval came on December 13, 2024, with a $500 million loan to boost rural access and agricultural marketing under the Rural Access and Agricultural Marketing Project—Scale Up.

Other notable loans during this period include:

• Power Sector Recovery Performance-Based Operation: $750 million to stabilize and enhance Nigeria’s power sector.
• Nigeria for Women Program: $500 million to support women’s empowerment.
• Adolescent Girls Initiative for Learning and Empowerment: $700 million to improve educational opportunities for girls in targeted states.
• Distributed Access through Renewable Energy Scale-Up: $750 million to enhance access to electricity through renewable energy solutions.
• Nigeria Reforms for Economic Stabilization and Resource Mobilization Programs: A combined package of $2.25 billion was approved in June 2024 to boost economic stability and resource mobilization.
• Primary Healthcare Provision Strengthening Program: $570 million to improve healthcare services, particularly for women and children.
• Sustainable Power and Irrigation for Nigeria Project: $500 million to address climate-related challenges.

According to the Debt Management Office, the World Bank accounts for 38% of Nigeria’s total external debt, with $16.32 billion owed to the International Development Association and $484 million to the International Bank for Reconstruction and Development.

Meanwhile, Nigeria's foreign debt servicing costs reached $3.58 billion in the first nine months of 2024, reflecting a 39.77% increase compared to the $2.56 billion spent during the same period in 2023. These figures underscore the growing financial burden as the country continues to rely on external financing for its developmental needs.

The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects involved in cryptocurrency investment fraud and romance scams. The operation, carried out on December 10, 2024, took place at a seven-storey building known as Big Leaf Building on Oyin Jolayemi Street in Victoria Island, Lagos.

EFCC’s Director of Public Affairs, Wilson Uwujaren, explained that the arrests followed months of surveillance based on actionable intelligence. Among those arrested were 193 foreigners, including 148 Chinese nationals, 40 Filipinos, two Kharzartans, and others from Pakistan and Indonesia.

The foreign suspects were found using the building, which resembled a corporate office, to train their Nigerian accomplices on how to carry out romance and investment scams. The operation discovered that the building contained high-end computers and, on one floor alone, 500 SIM cards purchased for criminal activities.

The scammers would recruit Nigerian accomplices proficient in computer skills, particularly typing, to engage in phishing schemes targeting victims, mainly from the United States, Canada, Mexico, and Europe. They would be trained to create fake profiles and engage victims in romantic chats and fake investment opportunities, directing them to a bogus online investment platform, Yooto.com. Those who showed interest were asked to pay an activation fee to join the platform.

The Nigerian recruits, who were unaware of the true identity of their employers, were paid in cash or through personal accounts rather than corporate accounts. After gaining the victims' trust, the foreign criminals would take over the scam, cutting off the Nigerian accomplices from the operations.

EFCC is continuing its investigation, working with international partners to determine the extent of the fraud and possible links to larger international crime rings. Items recovered from the suspects included computers, mobile phones, laptops, and cars. The suspects have made statements, and further legal proceedings are underway.

The EFCC emphasized that while Nigerians are often wrongly blamed for fraud, foreigners are exploiting Nigeria’s reputation to operate their scams. The commission assured that there would be no safe haven for criminals in Nigeria.