News
Nigeria’s World Bank debt to hit $9.65bn between 2023 to 2025
World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.
The amount covers International Bank for Reconstruction and Development and International Development Association loans only, according to an analysis of data on the bank’s website. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.
The International Bank for Reconstruction and Development provides loans on commercial or near-commercial terms to middle-income and creditworthy low-income countries, while the International Development Association offers highly concessional loans and grants to the world’s poorest nations.
The figures show a steady build-up of commitments with government officials pushing ahead with digital infrastructure, social protection, power, education, and health programmes while defending the concessional nature of the borrowings.
The Federal Government is expected to secure another $500m facility on December 19, 2025, under the Fostering Inclusive Finance for MSMEs in Nigeria project. The operation is being prepared for Board consideration and will be implemented through the Development Bank of Nigeria.
The borrowing cycle under the administration of Bola Tinubu began with $2.7bn in loans in 2023 across four major projects. Financing that year was dominated by power sector recovery, renewable energy access, girls’ education, and women’s economic empowerment.
The Nigeria Distributed Access through Renewable Energy Scale-up project received $750m in IDA financing to expand private sector-led clean energy access. Another $700m IDA credit was approved for girls’ secondary education in participating states. Women’s economic empowerment attracted $500m IDA through the Nigeria for Women Programme Scale Up.
The AF Power Sector Recovery operation received $449m in IBRD financing and $301m in IDA to improve the reliability of the electricity supply and restore financial sustainability in the sector. There were no grant components in 2023, so the entire amount consisted of loans.
The volume of loans rose sharply in 2024 as new approvals reached $4.25bn, representing a 57.4 per cent increase compared with the preceding year. The increase was driven largely by two policy-based operations and three separate $500m IDA investment packages.
The Nigeria Reforms for Economic Stabilisation to Enable Transformation programme provided $1.5bn in loans, split between $750m IBRD and $750m IDA, as the government sought fiscal space and protection for vulnerable populations while reforms continued.
Another $750m IBRD loan was approved for the NG Accelerating Resource Mobilisation Reforms programme to boost non-oil revenues and safeguard oil and gas receipts.
The World Bank also cleared $500m IDA each for rural road access, primary healthcare strengthening, and dam safety and irrigation programmes. The primary healthcare programme included a $70m grant, which lifted total World Bank support for 2024, including grants, to about $4.32bn.
For 2025, the data shows $2.695bn in loans at various stages of project processing alongside $52.18m in grants. Nine operations have already been identified across financial inclusion, digital broadband, health, education, social protection, and institutional capacity.
The largest facilities are tied to $500m IDA each for broadband expansion, basic education, and livelihood support for poor and vulnerable households. Health security, nutrition, and internally displaced communities account for another $630m, while procurement standards receive $65m from IDA.
A $400m IBRD component is included for the MSME finance programme, along with a $100m IDA portion. Also, the Central Bank of Nigeria is to receive a $6.8m grant to strengthen technology-enabled oversight of the banking sector and deepen understanding of payment and remittance systems.
Compared with 2024, the 2025 loan pipeline represents a decline of about 36.6 per cent, though it is broadly in line with the $2.7bn reached in 2023. Across the three years, IDA loans account for about $7.30bn while IBRD loans contribute roughly $2.35bn. Grants add another $122.19m, rising from zero in 2023 to $70.01m in 2024 before easing to $52.18m in 2025.
The portfolio highlights the scale of financing underpinning Nigeria’s reform programme as authorities continue to seek low-cost multilateral resources even as concerns persist over debt sustainability and the need to strengthen domestic revenue mobilisation.
Nigeria’s stock of World Bank International Development Association loans rose to $18.5bn, making it the largest IDA borrower in Africa and the third-biggest in the world.
Fresh data from the IDA’s unaudited financial statements for the third quarter of 2025 confirmed that the country has maintained the ranking it first attained in 2024, when it climbed to third place after overtaking India. The country was the fourth-largest borrower in 2023.
According to the report, Nigeria’s exposure increased from $17.1bn in September 2024 to $18.5bn in September 2025, representing a rise of $1.4bn or 8.2 per cent. The increase reflects the country’s heavier reliance on concessional financing to plug infrastructure gaps, stabilise its reform programme, and support social spending amid volatile oil earnings.
Economists warn that the rising loan pipeline, while potentially beneficial for long-term development, could deepen fiscal pressures if not matched with stronger domestic revenue mobilisation and prudent expenditure management.
Lagos-based economist, Adewale Abimbola, reacting to the rising World Bank commitments to Nigeria, said loans from multilateral institutions such as the World Bank are largely concessionary, with interest rates typically below market levels and longer repayment tenors.
He noted that the critical question is not whether Nigeria should be borrowing, but whether the loans are structured and deployed effectively. “If it’s concessionary and tied to viable projects with medium-term revenue prospects, I don’t think it’s a bad idea,” Abimbola explained. “Borrowing isn’t bad; what matters is utilisation.”
While acknowledging that borrowing is not inherently bad for an economy, he questioned the rationale for taking on more debt at a time when the government claims to have higher revenues. Ilias pointed out that following the removal of fuel subsidy, Tinubu had announced increased revenue inflows.
He added that both the Federal Inland Revenue Service and the Nigeria Customs Service had declared revenue surpluses, further suggesting the government should be able to fund projects without resorting to heavy borrowing.
According to him, the impact of the current borrowing spree is being felt in reduced public service delivery, particularly in capital expenditure, as debt servicing now consumes a significant portion of available revenue.
He warned that this crowding-out effect limits job creation, fuels inflation, and worsens Nigeria’s foreign-exchange imbalance, with the naira trading at historically low levels.
He argued that given the claimed revenue surpluses, the Tinubu administration should not have needed to borrow within its first two years in office, let alone at the scale currently being witnessed.
Economist and CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the rising World Bank commitments to Nigeria should be examined within the context of the country’s Medium-Term Expenditure Framework and annual budgets, which already provide for both domestic and foreign borrowing.
He noted that deficit financing is a common feature of budgets worldwide and is not inherently wrong, as it allows governments to make critical investments without waiting to generate all the required revenue upfront.
However, he stressed that borrowing should always be backed by sound economic reasoning and clear development priorities. Yusuf emphasised that the key issue is debt sustainability, which depends primarily on the country’s revenue capacity to service its obligations.
Without strong cash flow to meet repayment schedules, he warned, Nigeria risks falling into a vicious cycle of borrowing to service existing loans, thereby perpetuating fiscal vulnerability. He said it is essential that projects funded by loans directly support the economy’s capacity to repay.
According to him, Nigeria should be cautious with foreign loans due to the exchange rate risks they pose, noting that domestic debt is generally easier to manage. Excessive foreign borrowing, he warned, could put pressure on the country’s reserves and further weaken the exchange rate. He stressed that a disciplined approach to debt sustainability will be crucial for Nigeria to avoid long-term fiscal distress.
Meanwhile, data from the Debt Management Office showed Nigeria’s external debt stood at $46.98bn as of June 30, 2025. Of this amount, the World Bank Group accounted for $19.39bn—comprising $18.04bn from the International Development Association and $1.35bn from the International Bank for Reconstruction and Development.
This means the World Bank holds 41.3 per cent of the total, reinforcing its outsized role in funding Nigeria’s development programmes.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, recently called on the World Bank to support Nigeria’s Renewed Hope Ward Development Programme, a grassroots initiative he described as central to achieving President Bola Tinubu’s target of building a $1tn economy by 2030.
The minister praised the World Bank for its consistent backing of Nigeria’s reforms, describing the last 28 months of partnership as both challenging and transformative. “The World Bank team has collaborated with us not just as partners but as members of the same team. We could not have achieved the results we have today without your support,” he said.
Speaking with the minister in August 2025, the World Bank Country Director, Matthew Verghis, commended Nigeria for making bold decisions that could reset its development trajectory.
“Nigeria’s recent decisions represent a critical moment. Such choices are not easy, but they create opportunities for a new path,” Verghis said. “The World Bank stands ready to continue supporting Nigeria in maintaining these reforms and increasing their impact.”
Source: PUNCH
The Spiritual Director of the Adoration Ministry Enugu, , has offered prayers for , praying for God’s favour, protection, and victory as the state approaches the coming elections.
Speaking during a church gathering, Mbaka declared that Governor Mbah would succeed, expressing confidence that God, whom he said had begun a great work through the governor, would bring it to completion.
“It shall be well with Peter Mbah; may the favour of God be with him. We back him with our prayers. The Adoration family throws our prayers around him, that he will succeed, in the name of Jesus. May God grant him the power of victory at the end of the whole election,” Mbaka said.
The cleric further expressed hope that Mbah’s leadership would bring joy to the Igbo people, the people of Enugu State, and the Church, adding that the Igbo economy could witness greater advancement under his administration.
According to Mbaka, the progress recorded so far gives hope that greater achievements lie ahead, stressing that God would perfect the work already begun.
His remarks come as political activities continue to gather momentum ahead of the forthcoming elections.
ENUGU — Governor Peter Mbah has directed the Enugu State Emergency Management Agency (ESEMA) to provide immediate relief materials and other palliative support to two families displaced by the fire that razed a two-storey building at No. 22 Church Road, Asata, Enugu, on Saturday.
The governor’s directive followed reports by Everydaynewsngr that the inferno destroyed two flats and consumed household property, valuables, and important documents belonging to the affected families, leaving them homeless.
The General Manager of ESEMA is expected to assess the extent of the damage and coordinate the distribution of emergency relief items to ease the hardship faced by the victims while further interventions are considered.
Residents of the area welcomed the governor’s swift response, describing it as a demonstration of compassion and responsible leadership at a difficult time for the affected families.
One of the victims, an employee of a higher institution in Enugu State who is said to be approaching retirement, had lamented that the fire wiped out decades of savings and destroyed all his household belongings, including vital documents and certificates.
No lives were lost in the incident, while the cause of the fire is yet to be determined. Authorities are expected to investigate the circumstances surrounding the outbreak as affected families begin the difficult task of rebuilding their lives.
The state government urged residents to remain safety conscious and report fire emergencies promptly to relevant agencies to minimise damage and loss of property.
By Our Reporter
Stakeholders in Nigeria’s real estate industry, alongside Golden Land Estate Ventures Limited, have called for urgent reforms to strengthen professionalism, transparency, and investor confidence in the sector.
The call was contained in a communiqué issued on Monday in Enugu following the company’s 2026 Mid-Year Seminar/Luncheon, held on Friday, July 3, at Wendy’s Place. The seminar, themed “Next-Level Real Estate Practices,” brought together real estate developers, chief executive officers, realtors, marketers, investors, and other stakeholders from the South-East to examine emerging industry trends, challenges, and practical strategies for sustainable growth.
According to the communiqué, participants unanimously adopted several resolutions after extensive deliberations.
Among the key resolutions was a call for stronger government action against the multiple sale of land. Participants urged the Federal, State, and Local Governments to strengthen land administration policies and impose stringent sanctions on communities and individuals involved in the fraudulent sale of the same parcel of land to multiple buyers.
They noted that such practices continue to erode investor confidence, fuel land-related litigation, and discourage genuine investment in the real estate sector.
The stakeholders also stressed the need to promote professionalism and healthy competition within the industry. They maintained that competition should be driven by integrity, innovation, quality service delivery, and professionalism rather than unhealthy rivalry, misinformation, or actions capable of damaging the reputation of fellow practitioners.
They further encouraged industry leaders to embrace collaboration as a means of promoting collective growth and enhancing public confidence in the sector.
The communiqué also emphasised the importance of honesty and transparency in dealings with clients. Participants urged real estate practitioners to refrain from making false claims, exaggerating property values, misrepresenting estate locations or approvals, or giving unrealistic assurances merely to secure transactions.
They insisted that prospective buyers should be provided with accurate, verifiable, and complete information before making investment decisions.
On service delivery, the seminar called on real estate developers and chief executives to establish effective internal controls to eliminate the overselling or double allocation of plots. Developers were also urged to ensure prompt allocation of purchased lands and timely issuance of all necessary documentation.
According to the communiqué, efficient service delivery is critical to sustaining customer trust and improving the credibility of the industry.
The participants also called on government agencies, industry regulators, professional bodies, community leaders, developers, and practitioners to work together in building a transparent, accountable, and investment-friendly real estate environment that protects property buyers and supports sustainable national development.
Golden Land Estate Ventures Limited reaffirmed its commitment to promoting ethical business practices, professional excellence, continuous capacity development, and responsible real estate investment in Nigeria.
The communiqué was signed by Comrade Damian Ogudike and Mr. Ikechukwu Eze, directors of Golden Land Estate Ventures Limited, on behalf of the company’s board. It was also drafted and endorsed by the seminar’s resource persons, Mrs. Amaka Dim of Exotic Landlady Estate and Miss Blessing Anene of BuildWise Solution Centre Estate.
By Our Correspondent
ENUGU — Two families were left homeless on Saturday after a fire destroyed two flats in a two-storey building located at No. 22 Church Road, Asata, in Enugu metropolis.
The fire, which started at about 10 a.m., reportedly broke out after the occupants of the affected upper-floor flats had left for their daily activities.
Although the cause of the fire was yet to be ascertained as of the time of filing this report, eyewitness Tony Iroji said the inferno completely destroyed household items and other valuables in the affected apartments.
One of the victims, who returned home while the building was engulfed in flames, reportedly collapsed after seeing the extent of the damage. He was revived by sympathisers at the scene.
The victim, said to be an employee of one of the higher institutions in Enugu State and nearing retirement, lamented that years of hard work had been wiped out by the incident.
According to him, the fire destroyed all his household property, including important documents and certificates, leaving him with no option but to relocate his family to his ancestral home.
“All I have worked for all these years is gone,” he said in tears.
No life was lost in the incident, but residents appealed to the Enugu State Government, emergency management agencies and public-spirited individuals to come to the aid of the affected families, even as they urged the authorities to investigate the cause of the fire.
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The National Association of Nigerian Students (NANS), the apex students governing body, has issued a four days ultimatum to South African business interests to evacuate Nigeria.
This is contained in a statement issued on Monday in Enugu by Comrade Amb. Bestman Okereafor, NANS National Executive Director, Cooperate and Private Sectors Engagement.
The statement said that after the expiration of the ultimatum, South African business interests would face full wrath of the over 43.1 million Nigerian students scattered in the nooks and crannies of the country.
“The attention of the apex students governing body, NANS, has been drawn to continuous attacks, intimidation and subsequent chase of law abiding, peaceful and hardworking Nigerians and other Africans from South Africa.
“As the biggest students body in Africa, we are giving South African business interests four days to evacuate our beloved country, Nigeria.
“The reason for this action is simple. South Africans cannot continue to oppress and chase our people from their country and expect their businesses to thrive on our soil,” it said.
The statement further noted that immediately after expiration of the ultimatum, NANS will consider picketing South Africa business interests, while further actions will follow.”
It called on the Federal Government of Nigeria and the African Union (AU) to take more decisive actions against South Africa for their inimical acts towards other Africans.
“It is on record that Nigeria played a major role in support of South Africa during the apartheid struggle and should never be paid with disloyalty, disrespect and global embarrassment,” it added.
It would be recalled that xenophobic attack by South Africans on other Africans for some months had led to Nigerians being physically assaulted, embarrassed, intimidated, injured and some gruesomely murdered.
Several Nigeria business interests and business premises, owned by law abiding Nigerians in South Africa, had been completely burnt down or destroyed by rampaging South Africans without any justification.
The alleged perpetrators of these crimes had earlier given Nigerians and other Africans an ultimatum of June 30 to leave South Africa.
The Federal Government through the Ministry of Foreign Affairs had in recent weeks airlifted hundreds of Nigerians, who are willing to leave the unfriendly country and her people, free of charge back to Nigeria.
However, some of those, who returned to Nigeria recently, left South Africa barely with the cloth they put on, losing savings, valuables and businesses they set up or acquired after many years.
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