Nigeria has over $5.79bn foreign loans that has not been disbursed as of December 31, 2020, according to data obtained from the Debt Management Office, DMO.
The foreign loans, which had been approved, were meant to be used to execute different infrastructural projects across multiple sectors in the country.
The data showed that a larger percentage of the loans, about $3.27billion was expected to be provided by the International Development Association, a member of World Bank Group.
The Export-Import Bank of China was also expected to support the different projects in Nigeria with $1.25 billion and another ¥2.3 billion for ICT infrastructure project.
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Other major sources of the undisbursed funds include Agence Francaise de Development from where the country will get more than $606.32 million (€500.21million) and the European Development Fund from where the country will collect about $425m.
The DMO also listed the projects and government agencies that would benefit from the undisbursed funds.
Some of them are Nigerian Supply of Rolling Stock and Depot Equipment for Abuja Light Rail Project, the Nigerian Greater Abuja Water Supply Project, Nigerian National Information Communication Technology Infrastructure Backbone Phase II Project; Four Airport Terminals Expansion Incremental Project, the Nigerian Four Airport Terminals Expansion Ancillary Project.
Others are Nigerian 40 Parboiled Rice Processing Plants Project, Say No to Famine of Nigeria, Nigeria Transmission Expansion Project Phase I (NTEP-1), Nigeria Transmission Expansion Project Phase I (NTEP-1) (AGTF); Second Africa Higher Education Centers of Excellence for Development Impact (ACE 3) Project; Rural Access and Agricultural Marketing Project; the Northern Corridor Power Transmission Project; and the Enhancing Vocational Training Delivery for the Power Sector in Nigeria.
Other projects include the Northern Core Dorsal Nord Regional Power Interconnector Project; the Ogun State Economic Transformation Project; the Innovation Development and Effectiveness in the Acquisition of Skills Project; and the Immunisation Plus & Malaria Progress by Accelerating Coverage and Transforming Service.
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The Sustainable Procurement, Environmental and Social Standards Enhancement Project; the Power Sector Recovery Programme for Results Project; the Second Africa Higher Education Centers of Excellence for Development Impact Project and the Rural Access and Agricultural Marketing Project are part of the projects.
The Multi-Sectoral Crisis Recovery Programme for Lake Chad Recovery and Development (PROLAC) – Additional Financing; the Nigeria Covid-19 Preparedness and Response Project; and the Edo State Basic Education Sector and Skills Transformation Operations are some of the projects.
Others are the Adolescent Girls Initiative for Learning and Empowerment Programme (AGILE) Project; the Nigeria Digital Identification for Development Project; and the Nigeria Climate Adaptation Erosion and Watershed Project were also listed among the beneficiary projects.
