The Nigerian government has engaged the World Bank for a $10.5 million loan aimed at enhancing the technical capacity of the Central Bank of Nigeria (CBN) and upgrading the country’s domestic payment infrastructure.
The proposed funding will support the CBN Technical Assistance Facility, a project designed to address longstanding and emerging challenges in Nigeria’s financial sector while improving domestic payment systems, particularly for remittances.
The initiative is built around three key objectives:
- Enhancing the CBN’s Technological Capacity – This involves adopting advanced technology, leveraging expert advisory services, facilitating peer-to-peer exchanges with other central banks, and modernizing internal processes to align with the demands of the digital age.
- Strengthening the CBN’s Supervisory Role – By integrating data and technology-driven improvements, the project aims to bolster the CBN’s regulatory and oversight capabilities.
- Modernizing Domestic Payment Systems – The facility will focus on enhancing the efficiency, security, and reliability of Nigeria’s payment infrastructure.
The project, with an estimated cost of $10.5 million, is scheduled for approval on June 12, 2025.
This request follows the World Bank’s recent approval of $1.08 billion for Nigeria to improve education quality, enhance nutrition for underserved populations, and strengthen economic resilience.
Under the current administration, Nigeria has secured approximately $8.03 billion in loans across 13 World Bank-funded projects within the past two years.
