The World Bank is poised to approve Nigeria’s request for a $500 million loan, which will be the 10th loan secured under President Bola Tinubu’s administration.
This loan, aimed at improving rural access and agricultural marketing, is part of the Rural Access and Agricultural Marketing Project – Scale Up. The goal is to help rural communities connect better with the wider market, boosting local economies. To take part in the project, state governments must have operational Roads Funds and Agencies with the proper structure and funding in place.
This new loan is part of a larger pattern of borrowing, with Nigeria securing $6.45 billion from the World Bank in just over a year.
Over the past five years, Nigeria’s total World Bank loan approvals have reached $24.088 billion, supporting critical areas like power, education, women’s empowerment, renewable energy, and economic reforms.
However, concerns about the country’s rising debt burden persist. As of June 2024, Nigeria’s total debt had soared to N134.3 trillion. Critics, including former President Olusegun Obasanjo and economist Muda Yusuf, have raised alarms about the long-term consequences of this growing debt on the nation’s economy.
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