World Bank, AfDB approved $2.83bn for Nigeria in 2021

The World Bank and the African Development Bank approved a total sum of $2.83bn to Nigeria in 2021, It has been learnt.

However, the financing is not limited to the Nigerian government, as it also covers Nigerian agencies and firms.

This was according to statements by the international banks announcing the financing approvals.

The statements were obtained from the websites of the banks.

On February 5, 2021, the World Bank announced the approval 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.

The programme provides six million people with basic drinking water services, and 1.4 million people access improved sanitation services.

On September 30, 2021, the Washington-based bank approved a $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.

In total, the World Bank approved $2.4bn, offering Nigeria more financing than the AfDB.

On March 5, 2021, the African Development Bank Group 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.

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

In total, the AfDB approved $431.1m, far less than the approved financing from the World Bank.


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