World Bank Approves $1.25bn Loan for Nigeria's Growth

The World Bank approved a $1.25 billion loan to Nigeria on Wednesday to support the country's economic reforms and job creation initiatives, amid public backlash regarding the rising national debt. This approval coincides with the launch of a new Country Partnership Framework for Nigeria, which will guide the World Bank's support from 2026 to 2032.

The framework aims to create jobs and unlock private sector-led growth. The loan is intended to finance policies that will help Nigeria transition towards an inclusive growth model.

The World Bank's Nigeria director, Mathew Verghis, emphasized the need to convert recent macroeconomic gains into improved living standards. The framework includes strategies to expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, and improve health and nutrition services for 40 million citizens.

The loan comes as the Nigerian government seeks to address structural constraints and attract greater private investment to enhance long-term economic growth.