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World Bank Set to Approve $500m Loan to Nigeria

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The Board of the World Bank Group is expected to decide today, December 13, 2024, on approving a $500 million loan to Nigeria under the Rural Access and Agricultural Marketing Project—Scale Up (RAAMP-SU). The project aims to enhance rural connectivity to agricultural markets, schools, and hospitals while fostering social cohesion in rural communities.

According to the World Bank, states participating in the project must have fully functional Roads Funds and Roads Agencies with appointed boards, staff, and budgetary provisions for administrative costs. Additionally, states are required to implement resettlement and compensation plans before initiating activities that cause displacement.

The funds will be allocated competitively, with selection criteria including socioeconomic impact, project readiness, and demonstrated commitment to infrastructure maintenance. The project also encourages increased women’s representation in the transport sector.

If approved, this will mark the 10th World Bank loan secured under President Bola Tinubu’s administration, raising the total loans obtained from the institution to $6.45 billion in 16 months. Over the past five years, the World Bank has approved 36 loan requests for Nigeria, amounting to $24.088 billion, amid growing concerns over the nation’s rising debt profile and its long-term economic implications.

Mike Ojo

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