The World Bank has approved another $65 million loan for Nigeria, as part of the Sustainable Procurement Environmental and Social Standards Enhancement (SPESSE) project, bringing the total sum to $145 million.

Information from the World Bank’s website, stated that the approval was granted earlier than the June 30 scheduled date.

Originally launched in 2021, the SPESSE project is backed by an $80 million loan approved in February 2020, with goals to build lasting institutional capacity for the management of procurement, environmental and social standards across Nigeria’s public and private sectors.

The funds will also scale up training and certification programmes to professionalize Nigeria’s procurement workforce. While over 33,000 individuals have been trained under the initial phase of the project, more than 25,000 public officers are still targeted for training, based on government assessments.

The initial credit is scheduled to close on June 30, 2026, while the subsequent one, would last through June 30 2029.

“The parent credit will be closed on June 30, 2026, without any extension; however, the AF is proposed to be closed on June 30, 2029,” the World Bank stated in a document.