The World Bank and the African Development Bank have approved a total of $2.83 billion for Nigeria in 2021, according to reports.
The financing, however, is not limited to the Nigerian government; it also includes Nigerian agencies and businesses.
According to statements made by international banks announcing the financing approvals, this was the case.
The bank statements were obtained from their websites.
The World Bank announced on February 5, 2021, the approval of $500 million for the Nigerian government to support the improvement of electricity access and services for Nigerians.
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 on May 25, 2021.
Six million people receive basic drinking water services through the program, and 1.4 million receive improved sanitation services.
On September 30, 2021, the Washington-based bank approved a $400 million credit in additional financing from the International Development Association to provide upfront financing for the safe and effective acquisition and deployment of COVID-19 vaccine within the country.
The World Bank approved an IDA credit of $800 million for the National Social Safety Net Programme Scale-Up on December 16, 2021.
The World Bank approved $2.4 billion in total, providing Nigeria with more funding than the AfDB.
The African Development Bank Group signed a grant agreement worth $400,000 with Nigeria’s Securities and Exchange Commission on March 5, 2021, to strengthen securities market regulation and broaden market instruments.
On July 7, 2021, the AfDB Board of Directors approved a $50 million loan to Nigeria’s First City Monument Bank to be channeled to local enterprises.
On October 20, 2021, the AfDB signed a $500,000 grant agreement with Y’ello Digital Financial Services, a fintech subsidiary of MTN Nigeria, to investigate the economic, religious, and social factors impeding women’s access to finance in northern Nigeria.
The AfDB’s Board of Directors approved a $210 million loan on December 14, 2021, to co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Programme.
On December 16, 2021, the AfDB board of directors approved a $170 million loan to finance a digital and creative enterprises program in Nigeria.
The AfDB approved $431.1 million in total, far less than the World Bank’s approved financing