The World Bank has reduced the size of a planned grant to the Central Bank of Nigeria from $10.50m to $6.80m, with board consideration for the project now scheduled for March 27, according to updated project information.
The funding, which remains a grant and not a loan, is for the CBN Technical Assistance Facility, a project designed to strengthen the apex bank’s technology-enabled, data-driven supervision of the banking sector and improve oversight of domestic payment and remittance systems.
Nigeria Startup News gathered that updated information published on the World Bank website shows the project has reached the decision meeting stage, described as the final internal stage before approval by the World Bank Group’s board.
This development marks a clear progression from the earlier concept review stage, when The PUNCH first reported the proposed facility in April 2025, indicating that the initiative has advanced within the Bank’s internal processes.
Project details now list the approval date as March 27, 2026, representing a shift from the earlier June 12, 2025 timeline that was linked to the initial $10.50m grant proposal before the recent adjustment.
Under the revised plan, the commitment amount of $6.80m will be financed entirely through the Finance for Development Multi-Donor Trust Fund, with no involvement of the International Development Association or the International Bank for Reconstruction and Development, confirming that the project will not add to Nigeria’s external debt profile.
The Central Bank of Nigeria is identified as the implementing agency. According to the project overview, the facility is intended to integrate advanced tools and data science into the CBN’s regulatory and supervisory processes, helping to address long-standing and emerging risks in Nigeria’s financial system.
The stated development objective is “to strengthen CBN’s technology-enabled and data-driven oversight of the banking sector and deepen understanding of payment and remittance systems in Nigeria,” the World Bank noted on its website.
The project carries a moderate environmental and social risk rating and is expected to close on February 28, 2029. Although the updated information does not explain why the grant size was reduced, the movement from concept review to decision meeting suggests that the project design has been refined while its financing envelope has been adjusted.
Commenting on the reduction and other changes reflected on the project page, a senior source at the World Bank office in Nigeria told The PUNCH that revisions at this stage were not unusual.
“Please note that projects or operations under preparation, as indicated on the World Bank website, can be subject to changes,” the source said. “Until the World Bank Board approves them, elements such as design, components, and financing envelopes may be revised or adjusted. This is normal for projects in the preparation stage.”
If approved next month, the grant will formalise a partnership focused on strengthening the CBN’s supervisory capacity through technology, data analytics, and improved oversight of domestic payment systems.
The World Bank Group remains Nigeria’s largest creditor, accounting for $19.39bn of the country’s external debt, made up of $18.04bn from the IDA and $1.35bn from the IBRD.
