Nigeria to get fresh $N500m World Bank loan amid huge debt burden

The World Bank is acceptable to o.k. a caller $500 cardinal indebtedness to Nigeria adjacent month.

The indebtedness is aimed astatine boosting cultivation productivity and strengthening cardinal worth chains crossed participating states.

According to authoritative task documents astatine the weekend, the indebtedness has an estimated support day of March 30, 2026.

The task lists a “Total Operation Cost” of $500 million, with “Total Financing” besides enactment astatine $500 million.

The full backing volition beryllium provided by the World Bank’s concessional lending arm, the International Development Association, done an IDA recognition installation valued astatine $500 million.

The borrower is listed arsenic the Federal Republic of Nigeria, portion implementation volition beryllium handled by the Federal Ministry of Agriculture and Food Security alongside participating authorities governments.

The task is designed to summation smallholder productivity and fortify targeted cultivation worth chains successful selected states. The World Bank noted that creating much and amended jobs, portion tackling nutrient and nutrition insecurity, remains 1 of Nigeria’s astir pressing improvement challenges.

The installation volition beryllium deployed crossed 4 large components.

These see integrating smallholder farmers into competitory worth chains, modernizing smallholder accumulation systems, strengthening ...