Nigeria got US $19 billion from the World Bank since 2019

ThinkBusiness Africa investigations show that the World Bank has approved support for programmes and projects in Nigeria totalling an estimated US $19 billion since 2019. These are principal amounts approved by the World Bank, either as loans from the International Bank for Reconstruction and Development (IBRD) arm or credit grants from the International Development Association (IDA). 

However, these data masks the difference between the principal amount approved by the Bank and the amount disbursed under the different programmes. The difference is largely accounted for by the inability of the government of Nigeria or the State government to meet the conditions for full disbursements, and predetermined timelines for disbursements. 

Analysis of the loans and grants shows that the World Bank has supported different categories of projects, including for stabilization and stimulus; renewable energy; gender and girls’ education; business reforms; safety net for the vulnerable in the society; water supply; digital identification; power sector reforms and recovery; and rural access in that period. 

Indeed, for the 10-year period between 2015 and 2024, the World Bank has given Nigeria a total of US $21 billion in combined IBRD loans of about US $3 billion and IDA credits of US $18 billion. This is about 75% of the total amount the World Bank has given Nigeria since the first loan in 1947. 

Starting from the first loan to the country in 1947, the World Bank has given a total of about US $39 billion in loans and credit. The original principal value of IBRD loans was US $9,442 million and of IDA credits at US $29,168. The data thus showing that Nigeria has received more credits than loans, a reflection of the country’s low-income status. It also shows that 75% of the total amount in the last 10 years compared to decades before then, showing the extreme weak economic conditions of the last decade.