Nigeria Seeks $1.5 Billion in World Bank Loans

The Government of Nigeria is negotiating three new loans from the World Bank totaling $1.5 billion to fund climate resilience, social protection, and early childhood development. Each of the three facilities, provided through the International Development Association, is valued at $500 million. The proposed funding targets the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, the Household Prosperity and Empowerment-Social Protection (HOPE-SP) project, and a Nigeria Early Childhood Development programme.

These negotiations occur as national public debt reached a record 166.79 trillion naira by June 2026. The World Bank estimates that poverty in Nigeria rose from 40 percent in 2019 to 56 percent in 2023, with projections suggesting it could reach 62.5 percent by 2026. The World Bank board is scheduled to consider the ACReSAL funding request on October 29, 2026.

Former Vice President Atiku Abubakar criticized the borrowing, describing President Bola Tinubu's economic stewardship as an indictment. He noted that the per-person debt share has increased by 87 percent over three years, meaning each Nigerian now owes 716,822 naira.