World Bank Approves $1.57bn Loan for Nigeria
The World Bank has approved a $1.57 billion loan for Nigeria, aiming to boost human capital development and enhance resilience to climate change. In a statement on Monday, the international lender said the funds would focus on improving health services for women, children, and adolescents, while also addressing the impacts of climate-related challenges like floods and droughts.
The $1.57 billion loan consists of three key projects. First, $570 million will go toward the Primary Healthcare Provision Strengthening Programme, aimed at improving health services across the country. Additionally, $500 million will address governance issues in the education and health sectors, helping Nigeria enhance service delivery in these critical areas. Lastly, another $500 million is allocated to the Sustainable Power and Irrigation for Nigeria (SPIN) Project, designed to improve dam safety and manage water resources for irrigation and hydropower.
According to the World Bank, the combined impact of these programs will improve education and healthcare service delivery and tackle governance weaknesses. “The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria,” the bank stated.
The approval of the $1.57 billion loan underscores the World Bank’s commitment to helping Nigeria strengthen human capital and build resilience to climate threats. With ongoing climate challenges like floods and droughts, the loan will play a crucial role in enhancing dam safety and irrigation systems across the country.
Through the HOPE-GOV and HOPE-PHC programs, the World Bank aims to support Nigeria’s efforts to overcome governance issues that have long hindered progress in education and health sectors. This financial support is a critical step towards improving the country’s human capital outcomes and preparing for future climate risks.
