World Bank Approves $1.25bn Loan For Nigeria

The World Bank has approved a new $1.25bn loan for Nigeria under a programme called Nigeria Actions for Investment and Jobs Acceleration.

NEWSNGR reports that the approval comes at a time when many Nigerians are worried about the country’s rising debt and the continued use of foreign borrowing by the government.

The approval was announced in a statement issued by the World Bank on Wednesday alongside the launch of a new Country Partnership Framework for Nigeria covering 2026 to 2032.

This framework sets out how the World Bank plans to support Nigeria over the next six years, with a strong focus on economic growth driven by private sector activity and job creation.

The bank explained that the new plan is designed to help Nigeria create more jobs and improve economic opportunities by supporting reforms that encourage private investment.

It also said the goal is to move the country toward a more inclusive economy where growth leads to better living conditions for citizens.

The World Bank said Nigeria has made some progress through recent economic reforms.

It noted improvements in government revenue, foreign reserves, investor interest, and overall economic stability.

However, it added that more work is needed to turn these gains into real improvements in everyday life.

Under the new partnership framework, the World Bank outlined several development targets.

These include expanding electricity access to about 32 million people, increasing broadband internet coverage to around 58 million people, improving health and nutrition services for about 40 million citizens, and supporting close to 9.5 million farmers to improve agricultural output.

The programme also includes efforts to strengthen skills and human capital, improve farming systems, and expand access to energy and digital services across the country.