The Federal Government will begin repaying a $500 million concessional loan from the International Development Association between 2029 and 2054.
​In September 2024, the World Bank approved a $500 million concessional loan to Nigeria through the International Development Association (IDA).
This funding is designated to enhance the nation’s primary healthcare system, focusing on maternal and child health, emergency medical services, and pandemic preparedness.
The loan agreement stipulates a 25-year repayment period, commencing in 2029 and concluding in 2054. Repayments are structured in biannual installments due every April 15 and October 15.
From 2029 to 2049, Nigeria will repay the principal at an annual rate of 1.65%, increasing to 3.40% from 2049 to 2054. Additionally, the loan carries a 0.5% commitment charge on unwithdrawn funds and a 0.75% service charge on withdrawn balances.
The Federal Ministry of Health and Social Welfare will oversee the management of these funds, collaborating with agencies such as the National Primary Healthcare Development Agency, the National Health Insurance Authority, and the Nigeria Centre for Disease Control and Prevention. State governments will also participate through their respective health ministries and primary healthcare boards.
This initiative aligns with Nigeria’s Health Sector Renewal Investment Initiative, aiming to improve the quality and accessibility of reproductive, maternal, newborn, child, and adolescent health services. The project is expected to benefit approximately 40 million people, particularly vulnerable populations.
This loan is part of a broader $1.57 billion financing package approved by the World Bank to support Nigeria’s health and education sectors, as well as sustainable power development. The package includes $500 million for addressing governance issues in education and health, $570 million for strengthening primary healthcare, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.
