World Bank and the Africa Development Bank (AfDB), last year (2021), approved the disbursement of a total sum of $2.83 billion to Nigeria.
In separate statements obtained from the international banks, it was discovered there-in that the credit facilities were not limited to the Nigerian government, but also extended to firms and agencies in the country.
A breakdown of the loans
On February 5, 2021, the World Bank announced the approval of $500 million 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 a $700 million 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 $400 million credit in additional financing from the International Development Association (IDA) 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 $800 million credit from the IDA for the National Social Safety Net Programme Scale-Up.
In total, the World Bank approved $2.4 billion, 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 $50 million 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 $210 million 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 $170 million to finance a digital and creative enterprises program in Nigeria.
In total, BizWatch Nigeria understands that AfDB approved $431.1 million, far less than the approved financing from the World Bank.
