World Bank Approves $1.57bn Loan for Nigeria

The World Bank has approved three new loan requests amounting to $1.57 billion for Nigeria, as per a statement released on Monday.

This financial support aims to bolster the Federal Government’s efforts in enhancing human capital, particularly through improved health services for women, children, and adolescents.

In addition, the approved projects are designed to fortify resilience against climate change impacts, such as floods and droughts, by enhancing dam safety and irrigation systems.

The statement read:

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“The World Bank has today approved three operations totalling $1.57 billion 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.”

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World Bank specified that this new financing includes $500 million to address governance issues hindering the delivery of education and health services, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.

The statement added:

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

“The SPIN project will aid in improving dam safety and managing water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will assist Nigeria in addressing underlying governance weaknesses in the systems and procedures of government in two key human development sectors.”

The approval was granted on September 26, 2024.