World Bank Approves $1.57 Billion Loan for Nigeria’s Human Capital Development and Climate Resilience
The World Bank has approved three new loan requests totaling $1.57 billion to support the Nigerian government’s efforts to strengthen human capital through better health for women, children, and adolescents, as well as build resilience to the effects of climate change.
According to a statement released by the World Bank, the new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.
The HOPE-GOV Programme will support the government in addressing underlying governance weaknesses in the systems and procedures of government in two key human development sectors, with a focus on critical cross-cutting challenges and enabling factors related to both financial and human resource management in basic education and primary healthcare sectors.
The HOPE-PHC project will improve the quality and utilization of core reproductive, maternal, newborn, child, and adolescent health and nutrition services to substantially reduce maternal and under-five mortality and improve the resilience of the health system, benefiting 40 million people, especially vulnerable populations.
The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria, protecting citizens from floods and droughts and enabling an increase in hydropower generation.
The World Bank Country Director for Nigeria, Dr. Ndiamé Diop, emphasized the Bank’s commitment to addressing the complex challenges faced by Nigerians, particularly women and girls, in accessing quality services and improving governance structures that contribute to these issues.
The approval of these loans highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats. Nigeria has secured a total of $6.52 billion in loans from the World Bank under the administration of President Bola Tinubu amid concerns over the country’s rising external debt servicing costs.
The World Bank is expected to approve another loan request worth $500 million by December 16, 2024, for the Rural Access and Agricultural Marketing Project – Scale Up project.