The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program.

The loan was granted on March 28, 2025, according to report, marking a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and businesses.

The project officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.

It will target vulnerable populations, offering grants to both households and small businesses to mitigate the impact of economic hardships.

The loan approval is expected to significantly enhance Nigeria’s efforts to stimulate the economy through grassroots support, particularly amid ongoing challenges such as inflation and high living costs.

The stimulus package will focus on improving food security and economic opportunities for communities hit hardest by recent economic fluctuations.

Daily Trust reports that in addition to the fresh loan, the World Bank is expected to give approval to other facilities later this week, the development which would significantly increase the country’s debt profile.