President Bola Tinubu’s administration has made a fresh request for a $500m loan from the World Bank.
The loan would help to improve dam safety and enhance water resource management across Nigeria.
This was disclosed in a World Bank’s Project Information Document.
The World Bank’s Project Information Document reveals that the proposed approval date for this project, known as the SPIN project, is September 26, 2024.
Nigeria’s water security challenges, exacerbated by climate change, have significantly impacted water availability for drinking, energy, and food production, putting livelihoods and economic development at risk.
The document highlights that Nigeria has over 400 dams, many of which are in dire need of rehabilitation. The country’s total combined dam storage is approximately 59 billion cubic meters, with 46% of these dams federally owned and managed by the Federal Ministry of Water Resources and Sanitation through River Basin Development Authorities.
The remaining 48% are state-owned and managed by state ministries. Many of these dams are incomplete, and over half of the large dams built in the 1970s and 80s require significant rehabilitation.
Challenges in dam management stem from inadequate budgets, human resources, and capacity at both federal and state levels.
This is further compounded by non-adherence to operational manuals, where they exist. The devastating floods of 2022, which caused an estimated $6.7 billion in economic damage, underscore the urgent need for improved dam safety and water management.
The proposed loan will also support the rehabilitation and modernization of 40,000 hectares of irrigated land, aiming to enhance agricultural productivity and water resource efficiency in Nigeria.