The Federal Government is negotiating with the World Bank to obtain a $500 million loan aimed at supporting basic education in Nigeria. This funding is part of the World Bank’s HOPE for Quality Basic Education for All initiative, designed to improve learning outcomes and address the issue of out-of-school children in the country.
According to the Programme Information Document, the total project cost is $554 million, with $500 million coming from the World Bank and $54 million from the Global Partnership for Education (GPE) grant. The project is expected to receive final approval by March 2025.
The initiative aligns with the Universal Basic Education (UBE) framework, focusing on expanding access to early childhood, primary, and junior secondary education. It is a key component of Nigeria’s efforts to reform its education sector and address the massive deficit in school enrolment.
Currently, Nigeria faces significant challenges, with 17.1 million children aged 5-14 out of school. The project will also tackle regional disparities, particularly in northern areas that lag behind the south in terms of school attendance.
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The Federal Ministry of Finance will lead the project implementation, working in partnership with the Ministry of Education and the Universal Basic Education Commission (UBEC). The funds will be used to improve teaching standards, support community-based schools, and provide grants for infrastructure.
A major part of the program aims to boost foundational literacy and numeracy skills while integrating data systems to track progress. States will be incentivized through performance-based grants to address local education challenges.
The HOPE initiative is part of Nigeria’s broader Human Capital Development strategy, which aims to create a more educated and productive workforce by 2030. The project also seeks to reduce gender disparities and improve education in underserved communities.
This loan is one of several recent funding efforts by the Federal Government, which has secured over $6.45 billion in World Bank loans in the last 16 months. These loans span various sectors, including power, women’s empowerment, and renewable energy, reflecting the government’s push for comprehensive development reforms.
