The Federal Government has initiated steps to secure a new $2 billion loan from the World Bank.
The loan request, submitted by the Ministry of Finance on behalf of the government, is currently under concept review, an appraisal phase that precedes further negotiations and approval.
Documents on the World Bank’s website reveal that the government has made four loan requests for infrastructure projects.
The proposed loan projects, focusing on key sectors such as healthcare, agriculture, and infrastructure, are essential for Nigeria’s sustainable development and economic stability. If approved, the country will have secured $4.25 billion in loans from the World Bank this year alone, bringing the total to $6.95 billion under President Bola Tinubu’s administration.
Each loan project is expected to receive a net commitment of $500 million from the Washington-based institution.
A breakdown shows that the government requested $500 million for a program called “Nigeria Human Capital Opportunities for Prosperity and Equity,” with an approval date set for September 17, 2024.
The HOPE project will focus on enhancing human capital by improving education, health, and social protection services.
Similarly, $500m will be earmarked for the Nigeria: Primary Healthcare Provision Strengthening Program, which has an approval date of September 23, 2024.
This program aims to fortify Nigeria’s primary healthcare system by enhancing healthcare infrastructure, training healthcare professionals, and improving service delivery.
The third project, Sustainable Power and Irrigation for Nigeria Project, will also receive $500 million and is scheduled for approval on September 26, 2024, focusing on sustainable power generation and irrigation, both of which are essential for agricultural and industrial development.
Lastly, the Rural Access and Agricultural Marketing Project – Scale Up will receive $500m and is scheduled for approval on November 28, 2024 and it seeks to improve rural infrastructure and market access for agricultural products.
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.
While there is a pending request for $500m loans to enhance rural road infrastructure and agricultural marketing across the federation.
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