Nigeria obtains fresh $1.57bn loan from World Bank

Nigeria has secured three new loans from the World Bank, totalling $1.57 billion, to improve healthcare, education, and climate resilience.

The funds will focus on enhancing services for women, children, and adolescents, while also addressing climate challenges such as floods and drought.

A statement released on Monday, sighted by Diaspora Digital Media, 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 financing package includes $500m to address governance issues affecting education and healthcare delivery, $570m for the Primary Healthcare Provision Strengthening Programme, and $500m for the Sustainable Power and Irrigation for Nigeria Project (SPIN).

The statement continues, “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.”

Additionally, the HOPE-GOV programme will focus on governance reforms.

The approval was made on September 26, 2024.

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