The Federal Government has opened discussions with the World Bank for three new loans totalling $1.5bn, even as Nigeria’s public debt climbed to a record N166.79tn at the end of June 2026.
Documents obtained from the World Bank show that the proposed financing comprises three separate $500m facilities for climate resilience, social protection and early childhood development.
The most immediate is a proposed $500m additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank has fixed October 29, 2026, as the estimated date for consideration by its board. The borrower is the Federal Republic of Nigeria, while the Federal Ministry of Environment is the implementing agency.
The financing would raise the size of ACReSAL from its previously approved $700m to $1.2bn, entirely financed through the International Development Association, the World Bank’s concessional financing arm.
The document said, “The Government of Nigeria has requested AF of $500m to scale up demonstrated project results and strengthen the institutional, operational and financing arrangements needed to sustain integrated landscape management.”
The additional financing is expected to support landscape restoration, watershed rehabilitation, erosion and flood management, irrigation and drainage, water harvesting and storage, reforestation and other climate-resilient interventions.
Of the additional $500m, $310m is proposed for dryland management, $165m for community climate resilience and $25m for institutional strengthening and project management.
