The World Bank has approved a $750 million loan for Nigeria to fund digital infrastructure and health security projects. The loan package includes:
– $500 million for Digital Infrastructure: The Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE) project aims to expand broadband access in underserved areas, with a total project cost of $1.6 billion. This initiative will ²:
– Extend fibre-optic network: Increase the national broadband network from 35,000 to over 125,000 kilometers.
– Improve digital inclusion: Potentially add 2% to GDP growth annually.
– Create opportunities: Unlock new opportunities in e-commerce, logistics, remote work, and digital services.
– $250 million for Health Security: The Health Security Programme in Western and Central Africa, Nigeria – Phase II, will strengthen health surveillance and emergency response systems to prevent and manage future outbreaks.
The loan approval comes as Nigeria’s debt profile continues to rise, with the country’s debt to the World Bank standing at $18.23 billion, accounting for 40% of its external debt. Economists have raised concerns about the potential impact of rising debt on Nigeria’s fiscal sustainability.
