The federal government is about to get a fresh loan from the World Bank. The loan is targeted at three sectors, including the agricultural sector. The other areas are health, and infrastructure sectors. The loan is of the value of of $1.5bn.
The loan set to be approved on Thursday September 26, 2024 will be distributed to three major development projects targeting crucial sectors such as healthcare, agriculture, and infrastructure.
Aimed at improving Nigeria’s economy, the Washington-based financial institution’s project list said it has approved $500m for the first project tagged ‘Nigeria: Primary Healthcare Provision Strengthening Programme’.
The International Bank for Reconstruction and Development (IBRD) revealed that $500m will be approved for the ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project, representing a 71.43 per cent funding for the project estimated to cost $700m.
Subsequently a $10.75bn estimated cost of funding the ‘Sustainable Power and Irrigation for Nigeria,’ will also receive $500m.
Further scrutiny of the IBRD list shows that by December 16, 2024, $10.75bn Rural Access and Agricultural Marketing Project – Scale Up, will receive a $500m boost.
Also, Solutions for the Internally Displaced and Host Communities Project with an approval date of April 8, 2025, will receive N300m.
However, the loan will further expand the existing external debt of the federal government to international lenders.
