The World Bank says it has disbursed a total of $7.24bn to Nigeria from 2012 to date. Statistics obtained from the bank’s web portal on Wednesday also showed that its current portfolio in Nigeria stood at $8.26bn as of July.
However, a total of $4.69bn, which has been approved for the country, has yet to be disbursed. The bank disburses approved loans in accordance with agreed milestones. According to the statistics, the bank gave the country a total of $1.37bn in 2012 and $1.02bn in 2013. The bank gave Nigeria $2.02bn in 2014; $1.75bn in 2015; and $1.08bn so far in 2016.
The total loan portfolio is made up of concessional loans from the International Development Association and commercial loans from the International Bank for Reconstruction and Development. The IDA and IBRD are members of the World Bank Group. Read more