Nigeria has secured $1.08 billion in concessional financing from the World Bank to support economic resilience, expand access to education, and improve nutrition for vulnerable communities, the global lender announced.
The funding, originally intended to aid post-COVID-19 recovery, will now be directed toward bolstering Nigeria’s economy in the wake of the government’s sweeping economic reforms introduced in 2023. The reforms included the removal of fuel subsidies and the unification of exchange rates, which led to inflationary pressures but were aimed at stabilizing the economy in the long term.
According to the World Bank, the financial package is structured into three key areas:
- $500 million will support an economic stabilization and resilience program, targeting structural reforms and job creation.
- $500 million will be allocated to the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project, aimed at improving access to quality education for girls across Nigeria.
- $80 million will fund nutrition programs to combat malnutrition and food insecurity, particularly in underserved communities.
The World Bank emphasized that the financing will help mitigate the socio-economic challenges faced by millions of Nigerians, particularly in light of rising living costs and economic uncertainties. The initiative aligns with Nigeria’s broader strategy to drive inclusive growth and human capital development.
