The Federal Government has begun a process to obtain a fresh $2bn loan from the World Bank.
The loan request submitted by the Ministry of Finance on behalf of the government is currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval.
According to documents posted on the website of the international lender, the government made four loan requests for infrastructural projects.
The proposed loan projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability.
If approved, Nigeria would have amassed $4.25 billion in loans from the bank just this year and a total of $6.95 billion during President Bola Tinubu’s administration.
Recall that each loan project was estimated to receive a net commitment of $500m from the Washington-based lender.
A breakdown showed that the government requested a sum of $500m for a program named; Nigeria Human Capital Opportunities for Prosperity and Equity. It has an approval date of September 17, 2024.
The HOPE project will focus on enhancing human capital by improving education, health, and social protection services.
Similarly, $500m will be earmarked for the Nigeria:
Primary Healthcare Provision Strengthening Program, which has an approval date of September 23, 2024.
This program aims to fortify Nigeria’s primary healthcare system by enhancing healthcare infrastructure, training healthcare professionals, and improving service delivery.
The third project, Sustainable Power and Irrigation for Nigeria Project, will also receive $500 million and is scheduled for approval on September 26, 2024, focusing on sustainable power generation and irrigation, both of which are essential for agricultural and industrial development.
Lastly, the Rural Access and Agricultural Marketing Project – Scale Up will receive $500m and is scheduled for approval on November 28, 2024 and it seeks to improve rural infrastructure and market access for agricultural products.