The Federal Executive Council has approved Nigeria’s application for a $3.45 billion loan from the World Bank to fund projects in several key sectors.

According to the Minister of Finance, Wale Edun, the council authorized the loan request at its meeting in Abuja. He said Nigeria would begin receiving the interest-free funds, which are payable over 40 years with a 10-year grace period before repayments start in 2033.

The approved projects focus on improving power infrastructure, boosting renewable energy, mobilizing state revenue, empowering adolescent girls, and supporting women’s initiatives. In total, the package comprises five separate World Bank and International Development Association loans at highly concessional rates.

In related news, the Minister of Humanitarian Affairs announced the establishment of a Humanitarian and Poverty Alleviation Trust Fund. The fund aims to help the government respond quickly to humanitarian crises across Nigeria. Officials hope to raise at least $5 billion annually for the new fund.

The loan approvals and launch of the trust demonstrate the administration’s commitment to upgrading infrastructure, empowering citizens, and preparing for emergencies. The projects financed by the World Bank funds are expected to stimulate economic growth and improve living standards.