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.

According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents.

It added that the approved projects would also help build resilience to the effect of climate change such as floods and drought through improving dams safety and irrigation.

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.”

The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m 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.

The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.