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World Bank approves $1.25 bln loan to Nigeria for economic development — Bloomberg

The financing will be directed toward developing capital markets, modernizing the digital economy and e-government, and expanding access to electricity

NEW YORK, July 1. /TASS/. The World Bank (WB) has approved a $1.25 billion loan to Nigeria to support economic reforms, develop infrastructure, and create jobs, Bloomberg reported.

According to the agency, the funds will be provided under a six-year program. The financing will be directed toward developing capital markets, modernizing the digital economy and e-government, and expanding access to electricity. In addition, the program includes measures to improve healthcare and nutrition for 40 million people and support millions of farmers.

The World Bank noted that the reforms implemented by Nigerian President Bola Tinubu since 2023 — including the removal of gasoline subsidies, liberalization of the foreign exchange market, adjustments to electricity tariffs, and tax system overhaul — have accelerated economic growth, increased budget revenues, and boosted investor confidence. According to Bloomberg, the new loan will be part of a broader support package for Nigeria covering energy, digital infrastructure, agriculture, and the social sector.