Nigeria’s total borrowing from the World Bank is projected to reach $9.65 billion between 2023 and 2025, according to new financial data reviewed, Including grants, total World Bank support over the three-year period climbs to $9.77 billion, with most of the funding coming from the concessional International Development Association (IDA) window.
The borrowing trend accelerated sharply under the current administration:
2023: $2.7bn
2024: $4.25bn (boosted by the $1.5bn economic stabilisation programme)
2025 (projected): $2.695bn
The bulk of the loans are tied to power sector reforms, education, digital infrastructure, health, and economic stabilisation programmes.
Nigeria is now the largest IDA borrower in Africa and third-largest globally, with IDA exposure rising to $18.5 billion as of September 2025.
Economists Divided
Some experts argue the concessional loans are necessary for development, provided they are channelled into revenue-generating, growth-driven projects.
But others warn that: Nigeria’s debt service burden is rising,
external borrowing is intensifying inflationary pressures, and the country’s exchange rate crisis is worsening.
Critics question the rationale for heavy borrowing despite government claims of improved revenue performance.