BREAKING: World Bank Approves $1.57bn Loan For Nigeria

BREAKING: World Bank Approves $1.57bn Loan For Nigeria

The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria.

As per the statement released on Monday, the funding is aimed at supporting the Federal Government’s initiatives to improve the health outcomes of women, children, and adolescents while also fortifying Nigeria’s defenses against climate change impacts like floods and droughts by enhancing dam safety and irrigation systems.

The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

According to the international Lender, the allocated funds include $500 million to tackle governance challenges that hinder the effective delivery of education and healthcare services, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.

“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

“The SPIN project will support improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.

This financial backing, approved on September 26, 2024, underscores the World Bank’s dedication to bolstering Nigeria’s human capital and enhancing its capacity to withstand climate-related threats.