World Bank Approves $500 Million Loan to Nigeria

The World Bank has signed a $500 million loan agreement with Nigeria, with access to the funds contingent upon meeting economic reform targets and maintaining an adequate macroeconomic policy framework. The agreement was signed by Finance Minister and Coordinating Minister Taiwo Oyedele on October 6, 2026, under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing programme.

This programme aims to enhance the business environment, strengthen public revenue collection, and reduce trade barriers. The loan is part of a larger $1.25 billion development financing package approved by the World Bank in June 2026.

The $500 million facility is structured into two withdrawal tranches of $249.375 million each, with $1.25 million allocated for a front-end fee. The first tranche will be released only after confirming Nigeria's implementation of the programme, while the second tranche requires additional evidence of satisfactory progress.

The facility is set to close on December 31, 2027.