Nigeria secured total loans of $2.7 billion from the World Bank under the administration of President Bola Tinubu amid concerns over the country’s rising external debt servicing costs.

The four approved loans are for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), and renewable energy ($750 million), according to findings by Nairametrics.

Loan Summary 

• $750 million loan for power sector: The first was approved on June 9, 2023, with a loan of $750m to boost Nigeria’s power sector. The World Bank said the loan would serve as additional financing for the power sector recovery performance-based operation.
• $500 million for women’s empowerment: On June 27, the World Bank Group announced the approval of a loan of $500 million to help Nigeria drive women’s empowerment. This was the second loan approved by the bank under Tinubu’s administration. It provided a scale-up financing for the Nigeria for Women Programme.
• $700 million for educating adolescent girls: In September 2023, the World Bank approved a loan of $700 million to bolster educational opportunities and empowerment for adolescent girls in Nigeria. The loan was to support the ongoing ‘Adolescent Girls Initiative for Learning and Empowerment’ (AGILE) project. It aimed to encourage secondary education accessibility for girls residing in specific target states within Nigeria.
• $750 million for renewable energy: On December 14, the World Bank approved the $750 million Distributed Access through Renewable Energy Scale-up (DARES) project in Nigeria. The project aims to provide over 17.5 million Nigerians with better access to electricity via distributed renewable energy solutions and tackle the electricity access deficit.