Good news for Nigeria as World Bank approves $2.25 billion loan request

The World Bank announced on Thursday that it has approved a total loan of $2.25 billion to Nigeria to help it stabilize its economy following reforms and step up support for the poor.

In April, Nigerian Finance Minister Wale Edun said his country was seeking up to $2.25 billion in loans from the World Bank and hoped the bank’s board would approve this request in June.

Last year, Nigerian President Bola Tinubu launched the country’s boldest reforms in decades in May, scrapping a popular but costly oil subsidy and sharply devaluing the currency twice to try to revive growth. But these measures have fueled inflation and worsened the cost of living crisis.

According to the WB, this loan will therefore support Nigeria’s efforts to increase non-oil revenues and promote fiscal sustainability, which will help the West African country provide quality public services.