Nigeria Seeks $1 Billion World Bank Loan to Boost Jobs and Investment

Nigeria is engaging in discussions with the World Bank for a new $1 billion loan program designed to accelerate private investment, job creation, and economic diversification. The loan, consisting of $500 million from the International Development Association (IDA) and $500 million from the International Bank for Reconstruction and Development (IBRD), will be the second-largest single loan Nigeria has received from the World Bank.

The loan is intended to support reforms that expand access to credit, digital financial services, and lower production costs for households and firms. The program also targets reforms to reduce the cost of living and address Nigeria's low private sector credit to GDP ratio.

Additionally, the loan aims to strengthen risk-based regulations, consumer protection measures, and deepen digital inclusion through the passage of the National Digital Economy and Governance Bill 2025.