The World Bank has approved $1.08 billion in concessional financing for Nigeria, aimed at improving education, strengthening household and community resilience, and enhancing nutrition—especially for underserved populations.

In a statement released on Wednesday, the Bank explained that the funding, originally structured to address the aftermath of the COVID-19 pandemic, has been repurposed to respond to Nigeria’s current economic challenges. These challenges have been further intensified by the government’s sweeping economic reforms introduced in 2023.

According to the World Bank, $500 million of the approved financing will support an economic stimulus programme to help households and communities cope with rising living costs. Another $500 million will be dedicated to enhancing the quality of education, ensuring access to learning opportunities, particularly for vulnerable children and marginalized groups.

The remaining funds will be used to improve nutritional outcomes in Nigeria, focusing on raising standards for health and well-being in communities most in need.

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