The World Bank has approved fresh loans totalling $632m to support critical areas, including nutrition improvement and quality basic education amid mounting concerns over the country’s rising debt profile.
According to information from the World Bank’s website, the two loans include $80m for the Accelerating Nutrition Results in Nigeria 2.0 project and $552m for the HOPE for Quality Basic Education for All programme.
Both projects received final approval on Monday.
These new loans form part of a broader strategy by the World Bank to support Nigeria’s development agenda, focusing on healthcare, education, and community resilience.
The loans are expected to boost the government’s efforts to improve nutrition outcomes and enhance access to quality education for Nigerian children.
The World Bank had already approved a $500m loan to Nigeria last Friday to support the country’s Community Action for Resilience and Economic Stimulus Programme.
The approval, which took place on March 28, 2025, marked a significant step towards addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The programme, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Programme, is designed to provide essential support to households affected by economic downturns and bolster community resilience.
The initiative targets vulnerable populations by offering grants to households and small businesses to mitigate the economic hardships they face.
The loan approval is expected to significantly enhance Nigeria’s efforts to stimulate the economy through grassroots support, particularly amid ongoing challenges such as inflation and high living costs.
The stimulus package will focus on improving food security and creating economic opportunities for communities hardest hit by recent economic fluctuations.
While the proposed World Bank loans could provide much-needed fiscal relief, concerns remain over the country’s rising debt burden.
Recent data from the Central Bank of Nigeria indicate that the country has spent $5.47bn on external debt servicing in the past 14 months, highlighting the strain on its foreign reserves.
