The World Bank is set to approve a $2.2 billion loan for Nigeria in 2025, aimed at supporting the country’s economic recovery and development initiatives. Naija247news reports that the loan, which is part of the bank’s Country Partnership Framework (CPF) for Nigeria, will focus on key sectors such as infrastructure, education, and healthcare.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, the loan approval process is expected to be finalized by the first quarter of 2025, following extensive consultations between the World Bank and the Nigerian government. “This loan is designed to support Nigeria’s efforts to achieve sustainable economic growth and reduce poverty,” a World Bank spokesperson told Naija247news.
Naija247news gathered that the loan will be used to fund critical infrastructure projects, including the construction of roads, bridges, and power plants. It will also support the government’s efforts to improve access to quality education and healthcare services, particularly in rural areas.
Naija247news understands that the World Bank’s decision to approve the loan is based on Nigeria’s commitment to implementing economic reforms and improving governance. According to Naija247news, the Nigerian government has pledged to use the funds transparently and ensure that they benefit the most vulnerable segments of the population.
The proposed loan has been welcomed by stakeholders, who see it as a much-needed boost for Nigeria’s economy. “This loan will provide the resources needed to address some of the country’s most pressing challenges, including infrastructure deficits and poor social services,” said an economist who spoke to Naija247news.
According to Naija247news, the World Bank has also emphasized the importance of accountability and transparency in the use of the loan. The bank has pledged to work closely with the Nigerian government to monitor the implementation of projects and ensure that the funds are used for their intended purposes.
Naija247news reports that the loan is part of a broader effort by the World Bank to support Nigeria’s economic recovery and development. Other initiatives include technical assistance and capacity-building programs aimed at strengthening governance and promoting private sector growth.
As Nigeria prepares to access the $2.2 billion loan, Naija247news gathered that there is growing optimism about the potential impact on the country’s economy. “This is a significant opportunity for Nigeria to address its infrastructure gaps and improve the quality of life for its citizens,” said a development expert.
