The World Bank has clarified why six loans worth about $2bn, approved for Nigeria in late 2024, are yet to be released almost a year after agreements were signed.
Data from the Bank shows that Nigeria secured roughly $8.4bn in loans between June 2023 and August 2025, spread across 15 projects in energy, education, healthcare, agriculture, and governance. Of that amount, $1.95bn came through the International Bank for Reconstruction and Development, while $6.5bn was sourced from the International Development Association.
However, a review of the loan database reveals that although nine loan deals were signed in 2024 alone, six of them, covering projects approved between September and December, are still pending disbursement.
Responding to enquiries, World Bank Senior External Affairs Officer, Mansir Nasir, explained that the institution does not release funds in lump sums. Instead, money is disbursed in phases tied to project milestones and agreed financing models. He stressed that before a loan begins to flow, certain conditions must be met by the Nigerian government.
Among the delayed loans are projects signed on September 26, 2024. They include a $500m Sustainable Power and Irrigation Project aimed at tackling water, food, and energy challenges, a $500m HOPE-Governance Project designed to improve financial and human resource management, and a $500m Primary Healthcare Provision Strengthening Programme intended to enhance basic healthcare delivery.
In December 2024, three additional loans valued at $357m, $86m, and $57m were also signed for the Rural Access and Agricultural Marketing Project. Like the others, they are awaiting conditions to be met before release.
The World Bank emphasized that while approvals have been secured, Nigeria must fulfill agreed benchmarks to trigger the inflow of funds.
