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Nigeria Received $2.83bn From World Bank, AfDB In 2021 – Reports




World Bank Breaks Silence On Buhari Govt $800 Million Loan Request

Reports have confirmed that Nigeria in 2021, received no fewer than a sum of $2.83bn from the World Bank and the African Development Bank.

Naija News understands that the said fund was received in different batches from the two financial institutions and for different purposes.

Statements released on the official website of the international banks on the approvals of the funds, however, revealed that the financing is not limited to the Nigerian government, but also covers Nigerian agencies and firms.

A breakdown of the reported funds showed that on February 5, 2021, the World Bank approved the sum of $500m for the Nigerian government to support the improvement of electricity access and services to Nigerians.

On May 25, 2021, the Washington-based Bank announced the approval of $700m credit for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program.

Naija News understands that the above programme was aimed at providing at least six million people with basic drinking water services, and 1.4 million people access improved sanitation services.

Subsequently, on September 30, 2021, the Washington-based bank approved another $400m credit in additional financing from the International Development Association to provide upfront financing for safe and effective COVID-19 vaccine acquisition and deployment within the country.

On December 16, 2021, the World Bank approved an $800m credit from the IDA for the National Social Safety Net Programme Scale-Up.

Money approved by the World Bank is totalled $2.4bn, offering Nigeria more financing than the AfDB.

Other reports showed that the African Development Bank Group on March 5, 2021, signed a $400,000 grant agreement with Nigeria’s Securities and Exchange Commission to strengthen securities market regulation and broaden market instruments.

On July 7, 2021, the Board of Directors of the AfDB approved a loan of $50m to Nigeria’s First City Monument Bank to channel to local enterprises.

On October 20, 2021, the AfDB signed a grant agreement for $500,000 with Y’ello Digital Financial Services, a fintech subsidiary of MTN Nigeria, to study economic, religious, and social factors hampering access to finance for women in northern Nigeria.

On December 14, 2021, a $210m loan was approved by the AfDB’s Board of Directors to co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Programme.

Mid-December 2021, day 16 precisely, the board of directors of the AfDB approved a loan of $170m to finance a digital and creative enterprises program in Nigeria.

The fund approved by the AfDB is totalled at $431.1m, showing a far margin below funds approved by the World Bank, Naija News reports.

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