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The World Bank is considering the approval of four loan projects amounting to $2 billion for Nigeria in the current year.
These projects are currently in the concept review stage and will undergo further negotiation and approval between Nigeria, represented by the Minister of Finance, and the World Bank.
If given the green light, Nigeria will have secured a total of $4.25 billion in loans from the bank this year and a cumulative $6.95 billion under President Bola Tinubu's administration.
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.
The proposed loan projects target vital sectors such as healthcare, agriculture, and infrastructure, playing a crucial role in the country's sustainable development and economic stability. Each project is estimated to receive a net commitment of $500 million from the World Bank.
The upcoming projects include the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) with an approval date of September 17, 2024, focusing on improving education, health, and social protection services. Another project, the Nigeria: Primary Healthcare Provision Strengthening Program, aims to enhance Nigeria's primary healthcare system and is set to receive $500 million with an approval date of September 23, 2024.
The Sustainable Power and Irrigation for Nigeria Project, scheduled for approval on September 26, 2024, will focus on sustainable power generation and irrigation.
