World Bank Cuts Grant to Nigeria's Central Bank to $6.8 Million for Technological Supervision Project

The World Bank has decreased its grant to the Central Bank of Nigeria (CBN) from $10.50 million to $6.80 million for a project scheduled for approval on March 27. The grant is intended to support the CBN in strengthening its regulatory and supervisory processes through advanced data science tools and technology-enabled oversight of the banking sector.

The project, not a loan, aims to improve domestic payment and remittance systems. The World Bank's decision to reduce the grant size was made during the project's concept review stage, reflecting adjustments to the financing envelope.

The World Bank remains Nigeria's largest single creditor, with a significant role in financing the country's development initiatives. The grant is part of ongoing efforts to enhance the CBN's supervisory capabilities and improve payment systems in Africa's largest economy.