Nigeria’s debt rises as World Bank prepares new $750m loans

The World Bank is set to approve two major loans worth $750 million for Nigeria on Tuesday, September 30, 2025.

According to the bank’s official website, the loans will focus on improving Nigeria’s healthcare security and expanding access to digital infrastructure, especially in underserved areas.

The package includes:
$500m for the Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE) project
$250m for the Health Security Programme in Western and Central Africa, Nigeria – Phase II

The BRIDGE project, led by the Ministry of Communications, Innovation and Digital Economy, will expand broadband access to rural and remote areas. With a total cost of $1.6bn, the World Bank will provide $500m while other funds will come from private investors.

The plan includes laying fibre-optic cables across the country, connecting all six geopolitical zones with Lagos, and building city-level loops, regional networks, and data centres.

The project will be implemented through a Special Purpose Vehicle with the Federal Government owning 51% and private investors holding 49%.

Additional funding is expected from the African Development Bank, European Investment Bank, Islamic Development Bank, and other private sources.
The second loan of $250m will support Nigeria’s part of a regional health programme.

It will be managed by the Nigeria Centre for Disease Control and Prevention under the supervision of the Ministry of Finance.

The aim is to strengthen Nigeria’s ability to prevent and respond to health emergencies, drawing lessons from COVID-19 and other recent outbreaks.

Nigeria has been receiving significant World Bank funding in recent years. Between June 2023 and August 2025, the country secured $8.4bn in new loans covering energy, education, health, rural development, and governance.

However, experts are divided on the impact of borrowing. Some economists say concessional loans tied to productive projects can benefit the country.

Others warn that Nigeria’s rising debt  now at about N149 trillion compared to N87 trillion when President Buhari left office  is unsustainable.

The World Bank is already Nigeria’s biggest lender, holding about 40% of the country’s external debt as of March 2025.