World Bank Reduces CBN Grant to $6.8 Million

The World Bank has lowered a planned grant to the Central Bank of Nigeria (CBN) from $10.5 million to $6.8 million, with board consideration now scheduled for March 27, 2026.

The funding, part of the CBN Technical Assistance Facility, is aimed at strengthening technology-enabled, data-driven supervision of Nigeria’s banking sector and improving oversight of domestic payment and remittance systems. The grant remains non-repayable and will be financed through the Finance for Development Multi-Donor Trust Fund, without adding to Nigeria’s external debt.

Updated project details indicate that the facility has progressed to the decision-meeting stage, the final internal step before World Bank board approval. A source from the World Bank office in Nigeria said such revisions are normal at this stage of project preparation.

If approved, the grant will formalize support for the CBN’s integration of advanced data analytics and technology-driven tools to address long-standing and emerging risks within the banking system, enhancing its regulatory and supervisory capabilities.

The World Bank is Nigeria’s largest single creditor, with $19.39 billion of the country’s external debt, including $18.04 billion from the International Development Association and $1.35 billion from the International Bank for Reconstruction and Development, representing 41.3% of total external debt.