The World Bank is preparing to approve an additional $500 million loan for Nigeria under the Tinubu administration, as part of the Rural Access and Agricultural Marketing Project Scale-Up initiative. This loan aims to enhance rural infrastructure, including road networks, to improve agricultural productivity and access to markets. The approval is expected by December 16, 2024.
Since the beginning of Tinubu’s tenure, Nigeria has secured over $6.45 billion in loans from the World Bank for various initiatives, including renewable energy, education, healthcare, and governance reforms. The country’s total debt to the World Bank has now surpassed $15.59 billion as of March 2024. While these loans are targeted at critical development projects, concerns about Nigeria’s growing debt burden and its management persist.
