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.