World Bank Approves $1.57 Billion Loan for Nigeria to Boost Healthcare, Education, and Climate Resilience
By Okafor Joseph Afam
September 30, 2024
Nigeria has secured three new loans from the World Bank, amounting to $1.57 billion, aimed at improving key sectors such as healthcare, education, and climate resilience. The funds are specifically targeted at enhancing services for women, children, and adolescents, while also addressing critical climate challenges, including floods and droughts.
In a statement released on Monday, the World Bank confirmed, “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 breaks down into three parts:
- $500 million to tackle governance challenges affecting education and healthcare delivery;
- $570 million for the Primary Healthcare Provision Strengthening Programme;
- $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).
The HOPE-GOV and HOPE-PHC programmes, funded through this initiative, are designed to enhance service delivery in the basic education and primary healthcare sectors, both of which are vital for Nigeria’s human capital development. Additionally, the SPIN project aims to improve the safety of dams and the management of water resources, focusing on hydropower and irrigation in key regions across the country.
The statement further elaborated on the governance reforms included in the HOPE-GOV programme, highlighting their importance in ensuring the success of these initiatives. The approval of this loan package was officially made on September 26, 2024.
These funds come at a crucial time for Nigeria, as the country faces mounting challenges in education, healthcare, and climate-related vulnerabilities. The infusion of capital from the World Bank is expected to bolster the government’s efforts to address these issues and drive sustainable development.
