World Bank approves additional $65 million mortgage for Nigeria’s SPESSE venture 

The World Bank has authorised a further $65 million credit score for Nigeria beneath the Sustainable Procurement, Environmental, and Social Requirements Enhancement (SPESSE) venture, elevating the full funding to $145 million.

In line with data obtained by Nairametrics from the web site of the World Bank, the approval was granted on June 24, 2025—six days sooner than the beforehand scheduled date of June 30.

The venture standing has since been up to date to “energetic,” and the World Bank confirmed it has reached the “Bank Accredited” stage.

The SPESSE venture was initially launched in 2021, backed by an $80 million mortgage authorised in February 2020. It goals to construct lasting institutional capability for managing procurement, environmental, and social requirements throughout Nigeria’s private and non-private sectors.

New funds to develop e-Procurement and coaching 

The brand new financing will assist the nationwide rollout of the Digital Authorities Procurement (e-GP) platform. This digital system is anticipated to streamline procurement processes, cut back delays, and improve transparency in public spending.

In line with the World Bank, in a doc launched earlier on the extra financing, “The AF will preserve the PDO of the dad or mum venture with none change. The venture improvement goal is to develop sustainable capability in managing procurement, atmosphere, and social requirements in the private and non-private sectors.” 

The funds may even scale up coaching and certification programmes to professionalise Nigeria’s procurement workforce. Whereas over 33,000 people have been skilled beneath the preliminary section of the venture, greater than 25,000 public officers are nonetheless focused for coaching, based mostly on authorities assessments.

Whereas the unique SPESSE credit score will shut by June 30, 2026, the extra funding is anticipated to stay in use till June 30, 2029.

“The dad or mum credit score might be closed on June 30, 2026, with none extension; nonetheless, the AF is proposed to be closed on June 30, 2029,” the World Bank said in a doc.

What it’s best to know 

The brand new mortgage provides to Nigeria’s rising debt inventory with the World Bank. As of March 2025, complete excellent debt to the establishment stood at $18.23 billion, up from $17.81 billion in December 2024 and $15.45 billion a yr earlier.

• In line with the most recent knowledge from the Debt Administration Workplace (DMO), the full debt to the World Bank contains $16.99 billion owed to the Worldwide Growth Affiliation (IDA) and $1.24 billion to the Worldwide Bank for Reconstruction and Growth (IBRD). World Bank loans now account for 39.6% of Nigeria’s complete exterior debt of $45.98 billion, in comparison with 38.9% on the finish of 2024 and 36.4% in March 2024.
• With Nigeria persevering with to depend on concessional funding to assist public sector reforms amid restricted fiscal house, the SPESSE venture stays a flagship initiative beneath the nation’s wider institutional reform agenda. Nevertheless, the rising reliance on exterior financing highlights the significance of making certain that these initiatives ship measurable outcomes and long-term worth.