On December 13, 2024, the World Bank is expected to approve a $500 million loan for Nigeria. This funding is part of the Rural Access and Agricultural Marketing Project (RAAMP) – Scale Up, aimed at improving rural infrastructure and boosting agricultural marketing in the country. The initiative seeks to bridge the gap between rural communities and broader markets, making it easier for local farmers and businesses to access essential services and products.

For Nigerian states to participate in this project, they must have a fully functional Roads Fund and Roads Agency. This includes having appointed boards, staff, and adequate budget provisions for administrative costs. The project also provides an opportunity to enhance women’s involvement in the transport sector.

If the loan is approved, this will mark the 10th loan agreement under President Bola Tinubu’s administration. In just 16 months, the Nigerian government has secured a total of $6.45 billion in World Bank loans. Over the past five years, Nigeria has received 35 loan approvals from the World Bank, totaling $24.088 billion. These loans have been directed toward various sectors, including power, women’s empowerment, education, renewable energy, and economic stabilization.

However, concerns over Nigeria’s growing debt continue to rise. By June 2024, the country’s debt had reached N134.3 trillion, and this figure is expected to increase with the addition of new loans. Notable figures such as former President Olusegun Obasanjo and economist Muda Yusuf have warned that the nation’s escalating debt could become a significant challenge for future generations.