World Bank Approves $1.25 Billion Loan for Nigeria

The World Bank announced the approval of a $1.25 billion loan for Nigeria on Wednesday, aimed at supporting the country's economic reforms and job creation initiatives. This loan is part of a new Country Partnership Framework that spans from 2026 to 2032, focusing on creating higher quality jobs and unlocking private sector-led growth.

The framework is built on Nigeria's recent macroeconomic reforms, which have successfully driven economic growth and improved external reserves. The loan will specifically support government initiatives, including the establishment of a modern regulatory framework, advancements in the power sector, and lowering trade barriers.

The World Bank's Country Director for Nigeria, Mathew Verghis, emphasized the importance of converting financial benchmarks into human development. The loan comes amid criticism that previous borrowing has not led to tangible improvements in daily living standards.

The World Bank's leadership expressed optimism about Nigeria's economic trajectory, despite acknowledging the challenges ahead.