World Bank Approves $1.25 Billion Loan for Nigeria

The World Bank has approved a $1.25 billion loan for Nigeria, announced on Wednesday, to support the country's economic reforms and job creation initiatives. This loan is part of a new Country Partnership Framework (CPF) that spans from 2026 to 2032, designed to promote private sector-led growth and create employment opportunities across Nigeria.

The framework aims to build on recent macroeconomic reforms, enhance government revenue, and boost investor confidence. The funding will help expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, and improve health and nutrition services for 40 million citizens.

Additionally, it will support 9.5 million farmers. The World Bank's Nigeria director, Mathew Verghis, emphasized the importance of ensuring that economic reforms deliver tangible benefits to Nigerians.

The loan follows concerns about Nigeria's increasing foreign debt and aims to strengthen the business environment and long-term economic growth.