World Bank Confirms Fresh $1billion Loan Request to Nigeria 

By: Editor

The World Bank has confirmed a fresh $1billion Development Policy Financing loan,fixed for December 16 as a tentative approval date, to Nigeria under new intiative tagged “Nigeria Actions for Investment and Jobs Acceleration (P512892)”.

OPEN TELEVISION NAIJA (OTN) News reports that the development was made known via a project document published by the bank on October 27.

According to the document, the new facility comprises a $500m International Development Association credit and a $500m International Bank for Reconstruction and Development loan.

The facility, which falls under the bank’s Macroeconomics, Trade and Investment practice area for the Western and Central Africa region, is designed to strengthen ongoing economic reforms, promote job creation, and accelerate private investment.

The proposed loan is part of the bank’s broader support package aimed at consolidating the country’s post-reform stability and driving inclusive growth across key sectors of the economy.

The funding is designed to consolidate Nigeria’s ongoing macroeconomic reforms and support a decisive shift from economic stabilisation to inclusive growth.

It will be implemented through the Federal Ministry of Finance, with the World Bank confirming that the loan preparation process has been authorised to proceed.

The proposed Development Policy Financing supports Nigeria’s pivot from stabilisation to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500m IDA credit and US$500m IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

Since his assumption of 9ff8cr in 2023, the President Bola Tinubu-led government said it embarked on many economic reforms, including the removal of the petrol subsidy, unification of exchange rates, and an end to central bank deficit financing.

According to the government, the measures, championed under Tinubu’s Renewed Hope Agenda, have helped stabilise the economy, narrow the fiscal deficit, and restore investor confidence.

Many analysts have observed that the economic growth in the country has remained slow and hardly visible as data says more than 130 million Nigerians still live in poverty.

However, the World Bank report noted that while macroeconomic stability has returned, “Nigeria’s economy has yet to shift decisively into a higher and inclusive growth path,” underscoring the urgency of new investment to spur productivity, diversify exports, and create jobs.