After Getting $1.13 Billion, Nigeria Seeks New $10.50m World Bank Loan
- The Nigerian government has approached the World Bank for a new $10.50 million loan to boost CBN’s technical capacity
- The loan will help the apex bank to improve and modernise Nigeria’s domestic payment infrastructure
- Information from the World Bank shows that the loan seeks to help integrate technology and data science into CBN’s supervisory processes
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government has asked the World Bank for a fresh $10.50 million loan to boost the Central Bank of Nigeria’s (CBN) technical capacity and modernise Nigeria’s domestic payment system.
Data from the World Bank’s website on Thursday, April 3, 2025, shows that the proposed loan seeks to support the integration of technology and data science into the apex bank’s supervisory process.
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The new loan to help CBN boost payment
The facility is expected to help CBN tackle long-standing and new challenges in Nigeria’s evolving financial system while improving the domestic payment system and remittances.
The project will reportedly focus on three main areas, such as boosting CBN’s institutional capacity to align with technological advancements via robust governance guidelines, expert advisory support, peer-to-peer central bank changes, and modernising the bank’s internal processes.
Also, the new facility will enhance the bank’s supervisory capacity via tech and data improvements involving funding modern tech solutions, including supervisory technology systems, improving data accuracy, operational efficiency, and risk-based supervision.
Additionally, the loan will modernise domestic payment infrastructure for remittances to improve their safety and reliability.
It will explore innovative ways to attract informal remittance flows into formal avenues while conducting annual surveys on remittance households and fostering peer-to-peer learning for knowledge exchange.
FG receives $1.13 billion from the World Bank
The global lender said the project’s objective is to boost tech-enabled, data-driven, risk-based supervision and improve the domestic payment system in the country.
According to a Punch report, the project aligns with Nigeria’s government’s cashless policy and digital financial services adoption.
The $10.50 million scheme will be presented for board approval on June 12, 2025. The implementing agency is the CBN.
Legit.ng earlier reported that the Nigerian government received $1.13 billion from the World Bank to support education, nutrition, and economic resilience.
The statement on the World Bank’s website said the loans aim to enhance education quality, build household and community resilience, and enhance nutrition for underserved groups.
World Bank approves $580 million for Nigeria
The approved loans include $500 million for Community Action for Resilience and Economic Stimulus Programme, $80 million for Accelerating Nutrition Results in Nigeria, and $500 million for Hope for Quality Basic Education for All (HOPE-EDU) scheme.
Reports say the NG-Cares scheme will support the government’s plan to expand access to livelihood support, food security services, and grants for poor and vulnerable families.
Source: Twitter
The scheme has reportedly evolved into a shock-responsive platform, giving multi-sectoral interventions such as social transfers, labour-intensive public works, livelihood grants, and support for small businesses.
The HOPE-EDU scheme boosts education
Experts say the HOP-EDU scheme will support literacy and numeracy, boost access to basic education, and strengthen education systems across participating states.
HOPE-EDU is expected to benefit 29 million public primary school pupils, 500,000 teachers, and more than 65,000 public primary schools.
It will also address issues relating to overcrowding in schools and the decentralised allocation of education funds.
The project will receive another $52.18 million in funding from the Global Partnership for Education Fund.
Nigeria’s debt to the World Bank to rise to $9.2bn
Legit.ng earlier reported that the Nigerian government is about to secure six new loans of about $2.23 billion from the World Bank in 2025 as the bank continues to support the country’s economic reforms.
According to data from the World Bank, the new borrowings will bring Nigeria’s total debt to the World Bank to $9.25 billion in three years, showing a continued dependence on external funding to support critical sectors of the economy.
A breakdown of Nigeria’s loan approvals from the global financial institution since 2023 under President Bola Tinubu shows a rising increase in funding commitments.
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Source: Legit.ng
