The World Bank has approved an additional $65 million loan to Nigeria under the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, raising total project funding to $145 million.
The loan, approved on June 24, 2025, seeks to expand institutional capacity in managing procurement, environmental regulations, and social standards across Nigeria’s public and private sectors. The SPESSE project, which began in 2021 with an initial $80 million, aims to strengthen good governance and accountability in key sectors.
But the funding pipeline does not stop there. According to World Bank disclosures, Nigeria is poised to receive over $1.6 billion more in development loans across multiple sectors in the coming months. These include:
• $300 million in July 2025 for improving conditions for Internally Displaced Persons (IDPs) in Northern Nigeria;
• $500 million for a digital infrastructure expansion initiative known as BRIDGE;
• $500 million under the Nigeria Sustainable Agricultural Value-Chains for Growth project;
• $300 million for a regional Health Security Program;
• $10.5 million for CBN Technical Assistance; and
• A series of already approved packages from March 2025 amounting to $1.13 billion targeting education, household resilience, and nutrition.
The scale of borrowing underscores Nigeria’s continued dependence on multilateral funding to address infrastructural and socio-economic development gaps, even as concerns grow over the nation’s rising debt profile.
WORLD BANK APPROVES ADDITIONAL $65 MILLION LOAN FOR NIGERIA’S GOVERNANCE STANDARDS PROJECT
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