Valentine Okafor
World Bank’s credit facility to Nigeria under the Sustainable Procurement, Environmental, and Social Standards Enhancement project, has reached $145 million.
The total figure comes after an additional $65m credit facility was approved thus bringing the total project financing to $145m.
The approval was granted on June 24, 2025, ahead of the earlier projected timeline of June 30, 2025.
The project status has since been updated to “active”, with the World Bank confirming that it has reached the “Bank Approved” stage.
The report by the Bank noted that the SPESSE project, which commenced in 2021, following an initial $80m loan approved in February 2020, is aimed at strengthening Nigeria’s procurement systems and enhancing compliance with environmental and social standards across the public and private sectors.
“The newly approved funds will be channelled towards scaling up key interventions, including the implementation of the Electronic Government Procurement (e-GP) system. “The platform is expected to enhance transparency, reduce procurement delays, and promote more efficient use of public funds,” the report added.