The World Bank has reduced the size of a planned grant to the Central Bank of Nigeria from 10.5 million dollars to 6.8 million dollars, with board consideration for the project now scheduled for March 27, 2026.
The funding, which remains a grant and not a loan, is for the CBN Technical Assistance Facility, a project aimed at strengthening the apex bank’s technology-enabled, data-driven supervision of the banking sector and improving oversight of domestic payment and remittance systems. The revised commitment will be fully financed through the Finance for Development Multi-Donor Trust Fund, with no contribution from the International Development Association or the International Bank for Reconstruction and Development, ensuring the project does not add to Nigeria’s external debt.
Updated information indicates the project has advanced from the concept review stage to the decision meeting stage, the final internal stage before board approval. The facility is designed to integrate advanced tools and data science into CBN’s regulatory and supervisory processes, addressing both long-standing and emerging risks in Nigeria’s financial system.
The World Bank notes that the 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 project carries a moderate environmental and social risk rating and is expected to close on February 28, 2029.
A source at the World Bank office in Nigeria said that revisions at this stage are normal, explaining that elements such as design, components, and financing envelopes can be adjusted before board approval.
If approved, the grant will formalise a partnership to enhance the CBN’s supervisory capacity through technology, data analytics, and improved oversight of Nigeria’s payment systems, supporting Africa’s largest economy.
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