Nigeria Seeks $1.5 Billion in New World Bank Loans Amid Rising Debt
Nigeria is seeking a total of $1.5 billion in new financing from the World Bank for climate resilience, social protection and early childhood development, according to documents reviewed by Nigerian media.
The proposed borrowing consists of three separate $500 million facilities. One would provide additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, while another would support a social protection programme and the third would finance an early childhood development programme.
The proposed additional $500 million for the climate resilience project is expected to be considered by the World Bank board on October 29, 2026. The early childhood development financing is currently scheduled for consideration in March 2027.
The World Bank has highlighted persistent gaps in child nutrition, healthcare, early learning and caregiving in Nigeria. Its April 2026 Nigeria Development Update said investment in early childhood development could help improve human capital and support more inclusive economic growth.
The new borrowing plans come as Nigeria’s public debt continues to rise. Data from the Debt Management Office showed total public debt reached ₦166.79 trillion at the end of June 2026, up from ₦152.40 trillion a year earlier. The June figure represented a 4.67% increase from ₦159.35 trillion recorded in March.
Domestic debt accounted for about 55% of the total, while external debt made up roughly 45%, according to the figures.
The World Bank currently has more than $45 billion committed across 215 projects in Nigeria, according to its financing database.
The proposed loans would therefore add to Nigeria’s existing development financing from the institution, with the government expected to use the new funds for programmes targeting climate resilience, vulnerable households and young children.
