The World Bank may approve four loan projects totalling $2 billion for Nigeria this year.
According to findings by newsmen these four projects are currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval between Nigeria, which is the borrower and often represented by the Minister of Finance and the World Bank.
If approved, Nigeria will have secured a total of $4.25 billion in loans from the bank this year alone and a cumulative $6.95 billion under the administration of President Bola Tinubu.
The proposed loan projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability.
According to information obtained from the World Bank’s website, each loan project is estimated to receive a net commitment of $500 million from the Washington-based lender.
In addition to these four projects, the World Bank has scheduled another loan project for next year. The Solutions for the Internally Displaced and Host Communities Project is set to receive $300 million and is scheduled for approval on April 8, 2025.
