BREAKING NEWS: Nigeria secures fresh $1.57bn World Bank loan as debt profile swells

The World Bank has approved three new loans for Nigeria, totalling $1.57 billion, to strengthen key sectors, including healthcare, education, and climate resilience.....KINDLY READ THE FULL STORY HERE▶

This financing comes as Nigeria’s debt profile continues to grow, reflecting the government’s focus on essential reforms.

A statement released on Monday, September 30, confirmed the loan approval, with funds allocated to improving services for women, children, and adolescents.

“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,” the statement read.

The funding includes $500 million for the HOPE-GOV programme, which aims to address governance challenges in the education and healthcare sectors.

Additionally, $570 million is earmarked for the Primary Healthcare Provision Strengthening Programme (HOPE-PHC), which seeks to improve healthcare delivery.

An additional $500 million will be channelled into the Sustainable Power and Irrigation for Nigeria Project (SPIN), designed to enhance hydropower dam safety, irrigation, and water resource management.

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

The loans were approved on September 26, 2024, as the government works towards addressing critical challenges in human capital and climate resilience.