T he Federal Government is in talks with the World Bank for two new loans amounting to $580 million, aimed at improving nutrition and education in Nigeria. These loans are expected to be approved in March 2025, with a focus on addressing the country's pressing challenges.
The two projects—Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education for All—are poised for final approvals on March 27 and March 20, 2025, respectively.
The education project, with a commitment of $552.18 million, aims to tackle Nigeria's education crisis, where over 17 million children remain out of school. The initiative will enhance early childhood education, primary and junior secondary schooling, and expand access to learning resources. It will be implemented by the Federal Ministry of Finance in collaboration with the Ministry of Education and the Universal Basic Education Commission.
The second loan, for the Accelerating Nutrition Results in Nigeria 2.0 project, aims to address the country's high rates of malnutrition and food insecurity. With $80 million from the World Bank, the project will focus on improving access to quality nutrition services for vulnerable groups such as pregnant women, lactating mothers, adolescent girls, and children under five. Interventions will include nutrition-smart agriculture to bolster food security and dietary diversity, along with a focus on strengthening healthcare services.
While both projects are nearing approval, Nigeria's growing debt burden continues to raise concerns. The country has borrowed extensively from the World Bank under President Bola Tinubu's administration, securing loans worth $6.95 billion in the past 18 months. The World Bank now accounts for $17.32 billion of Nigeria’s total external debt.
The Federal Government is seeking to reduce its reliance on external debt financing by focusing on private sector-led growth, as outlined by the Minister of Finance, Wale Edun. While the World Bank plays a crucial role in Nigeria’s development, the government remains committed to creating a business-friendly environment to attract sustainable investments.
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