Nigeria Seeks $1.5 Billion World Bank Loans Amid Debt Crisis

The Federal Government of Nigeria is pursuing $1.5 billion in loans from the World Bank to address the rising public debt, which has reached an estimated N716,822 per person. The proposed financing includes three separate $500 million facilities aimed at enhancing climate resilience, social protection, and early childhood development.

The first loan is for the Agro-Climatic Resilience in Semi-Arid Landscapes project (ACReSAL), increasing its total financing from $700 million to $1.2 billion, focusing on landscape restoration and flood management. The second facility targets the Household Prosperity and Empowerment-Social Protection Project, which aims to modernize Nigeria's social registry and strengthen social protection systems.

The third facility is dedicated to an Early Childhood Development programme across all 36 states and the Federal Capital Territory, focusing on health, nutrition, and early learning for children aged zero to five. As of June 2026, Nigeria's total public debt rose from N152.40 trillion in June 2025 to N166.79 trillion, marking a 9.44% increase.