Nigeria’s Debt Rises as World Bank Approves $750m Loan

The World Bank is set to approve two loans worth $750 million for Nigeria on Tuesday, September 30, 2025, aimed at boosting healthcare security and digital infrastructure.

According to the bank’s website, the package includes $500m for the Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE) project and $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, seeks to expand broadband access to rural and underserved areas. With a total cost of $1.6bn, $500m will come from the World Bank while the rest will be sourced from private investors and multilateral lenders. 

Plans include laying fibre-optic cables nationwide, linking all six geopolitical zones to Lagos, and building city loops, regional networks, and data centres. Implementation will be through a Special Purpose Vehicle, with the Federal Government holding 51% equity and private partners 49%.

The $250m health loan will be managed by the Nigeria Centre for Disease Control and Prevention under the Ministry of Finance. It aims to strengthen Nigeria’s capacity to prevent and respond to health emergencies, drawing lessons from COVID-19 and other outbreaks.

Between June 2023 and August 2025, Nigeria secured $8.4bn in World Bank loans for energy, education, health, rural development, and governance. The bank remains Nigeria’s largest creditor, holding about 40% of external debt as of March 2025.

Experts remain divided on the impact of borrowing. Some argue concessional loans tied to growth projects can benefit the economy, while others warn Nigeria’s debt—now around N149 trillion, up from N87 trillion at the end of Buhari’s tenure—is becoming unsustainable.