World Bank
The World Bank has approved three new loan requests totaling $1.57 billion to support Nigeria’s Federal Government. This financing aims to improve human capital, particularly in health for women, children, and adolescents, and to enhance resilience against climate change impacts like floods and droughts.
In a statement released on Monday, the World Bank highlighted that the approved projects will focus on several key areas:
- Governance Issues: The loans will provide $500 million to tackle governance challenges that hinder education and healthcare delivery.
- Primary Healthcare Strengthening: $570 million is allocated for the Primary Healthcare Provision Strengthening Programme, which aims to improve essential health services.
- Sustainable Power and Irrigation: The remaining $500 million will fund the Sustainable Power and Irrigation for Nigeria Project, enhancing dam safety and irrigation systems.
According to the World Bank, the HOPE-GOV and HOPE-PHC programs will work together to enhance service delivery in basic education and primary healthcare, which are vital for improving Nigeria’s overall human capital outcomes. The SPIN project will specifically address dam safety and the management of water resources for hydropower and irrigation.
Read Also: Opinions on AI will Guide New Telecom Services.
This loan approval, made on September 26, 2024, underscores the World Bank’s commitment to bolstering Nigeria’s human capital and enhancing resilience to climate change threats. Since President Bola Tinubu’s administration began, Nigeria has secured a total of $6.52 billion in loans from the World Bank, despite concerns about rising external debt servicing costs.
The HOPE-GOV program is designed to significantly reduce maternal and under-five mortality rates and will be implemented by various federal ministries. It includes a $500 million International Development Association credit along with an additional $70 million grant from the Global Financing Facility for Women, Children, and Adolescents.
The SPIN project will provide improved irrigation and drainage services over an area of 40,000 hectares, benefitting around 950,000 people, including farmers and livestock breeders, and aims to mitigate flood and drought impacts.
World Bank Country Director for Nigeria, Dr. Ndiamé Diop, emphasized that investing in the health and education of Nigerians is crucial for enhancing their future employment opportunities and reducing poverty, particularly for women and girls.
Looking ahead, the World Bank plans to approve an additional $500 million loan for the Rural Access and Agricultural Marketing Project by December 16, 2024. In total, the World Bank has approved six loan projects for Nigeria, encompassing sectors such as power, women’s empowerment, girls’ education, renewable energy, and economic stabilization reforms. As of March 31, 2024, Nigeria owes the World Bank a total of $15.59 billion.
