The World Bank has approved three loan requests totaling $1.57 billion in financing for Nigeria.
In a statement released on Monday, the World Bank noted that the loans are aimed at supporting the Federal Government’s efforts to enhance human capital, with a focus on improving health outcomes for women, children, and adolescents.
The projects will also address climate resilience by improving dam safety and irrigation systems to mitigate the effects of floods and droughts.
The statement says, “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 announced that the new financing package includes $500 million aimed at addressing governance challenges affecting the delivery of education and healthcare, $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.
The approval, granted on September 26, 2024, underscores the World Bank’s commitment to bolstering Nigeria’s human capital and enhancing resilience against climate-related challenges.
