The World Bank has approved an additional $65 million in financing for Nigeria, aimed at accelerating reforms in public procurement and strengthening environmental and social governance.
This new credit facility brings the total funding for the ongoing reform project to $145 million.
The financing, announced on June 24, 2025, under the “Improving Environmental and Social Standards and Sustainable Procurement Project” (SPESSE), marks a significant milestone in Nigeria’s efforts to modernize its public sector operations.
According to a report by Punch newspaper, the approval came earlier than the originally expected date of June 30.
Launched in 2021 with an initial loan of $80 million approved in February 2020, the SPESSE project focuses on enhancing Nigeria’s public procurement systems while ensuring stronger compliance with environmental and social safeguards across both public and private sectors.
The World Bank has now changed the project’s status to “active,” having reached the “Bank Approved” stage, confirming its formal commitment to the next phase of implementation.
A key component of this expansion includes the rollout of Nigeria’s electronic government procurement system, known as e-GP.
The platform is designed to foster greater transparency in the procurement process, significantly cut down processing times, and ensure the efficient allocation and use of public resources.
“The newly approved funds will be used to scale up key interventions,” the World Bank stated, emphasizing the role of digital systems in enhancing accountability and sustainability within Nigeria’s procurement landscape.
As Nigeria grapples with public sector inefficiencies and corruption challenges, the project is seen as a critical instrument for institutional reform.
By digitizing procurement processes and reinforcing environmental standards, authorities hope to build a more transparent, efficient, and sustainable governance framework.
This initiative aligns with broader development objectives under Nigeria’s national strategy and the World Bank’s commitment to institutional strengthening across West Africa.
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