by Niyi Jacobs
In a move aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations, the World Bank is expected to approve four loan projects totaling $2 billion for the country this year. This latest development comes on the heels of the bank’s recent approval of two loan projects worth $2.25 billion, bringing the total loans secured under President Bola Tinubu’s administration to a staggering $4.95 billion.
According to findings by BusinessNG, the four new loan projects, currently undergoing concept review, are designed to enhance healthcare, agriculture, and infrastructure in Nigeria. Each project is estimated to receive $500 million from the World Bank, bringing the total investment to $2 billion.
The loan projects are:
- Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – $500 million
- Nigeria: Primary Healthcare Provision Strengthening Program – $500 million
- Sustainable Power and Irrigation for Nigeria Project – $500 million
- Rural Access and Agricultural Marketing Project – $500 million
The World Bank’s investment in Nigeria’s healthcare sector is particularly significant, given the country’s struggles with healthcare infrastructure and service delivery. The Nigeria: Primary Healthcare Provision Strengthening Program aims to fortify Nigeria’s primary healthcare system by enhancing healthcare infrastructure, training healthcare professionals, and improving service delivery.
The Sustainable Power and Irrigation for Nigeria Project is also a critical investment, given the country’s energy challenges. The project focuses on sustainable power generation and irrigation, both essential for agricultural and industrial development.
While the loans have sparked concerns over Nigeria’s rising external debt servicing costs, the World Bank’s investment is expected to have a positive impact on the country’s economic stability and development.
