Nigeria has executed a $500 million borrowing agreement with the World Bank, according to Nairametrics. This facility forms part of the NAIJA programme, which aims to boost investment and job creation. The loan is conditional on the country making measurable progress in strengthening its business climate, enhancing government income, and lowering trade barriers.
Taiwo Oyedele, who serves as the finance chief and coordinating minister for the economy, signed the document on October 6, 2026. The funds come from the International Bank for Reconstruction and Development and are split into two equal portions of roughly $249.4 million each. This initial $500 million is the first segment of a larger $1.25 billion package that the lender’s board authorized in June 2026.
To receive the first portion, the World Bank must be convinced that the reform programme is being executed properly and that the country’s overall economic strategy is sound. The second portion requires further proof that specific policy steps have been taken. If Nigeria fails to correct issues within 90 days of a warning, the lender can cancel the remaining balance.
The deal mandates the use of a specific foreign currency account for the incoming funds. The finance ministry must send detailed reports to the World Bank within 30 days of each withdrawal, showing how the money was recorded in the national budget. An audit by a central bank-approved firm must also be completed and shared publicly within four months.
The loan period ends on December 31, 2027. This signing follows the June approval of the broader package, which faced public scrutiny over rising national debt. The World Bank recently highlighted that Nigeria’s interest costs jumped to N7.7 trillion in the first half of 2026, up from N5.6 trillion in the same period of 2025. The finance ministry responded by arguing that this metric offers an incomplete view of the fiscal situation.