World Bank approves $1.57bn loan for Nigeria

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

World Bank made this known in a statement on Monday, September 30, 2024.

It noted that the loan approval made on September 26 was to support the federal government in strengthening human capital through better health for women, children, and adolescents.

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

World Bank listed the loan to include $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.

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World Bank stated: “The World Bank has today approved three operations for a total of $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.”

 “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.”

The Star