The World Bank has sanctioned a total of $1.57 billion in new loans to Nigeria, aimed at enhancing the country’s human capital and tackling climate change challenges.
In a statement released on Monday, the financial institution detailed its support for Nigeria’s efforts to improve healthcare, particularly for women, children, and adolescents, while also addressing the impacts of floods and droughts by strengthening dam safety and irrigation systems.
The statement highlighted that the financing includes three distinct projects: $500 million allocated for governance reforms affecting the education and health sectors, $570 million to strengthen primary healthcare services, and another $500 million for the Sustainable Power and Irrigation Project in Nigeria.
The statement read, “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 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.
“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.
The approval, finalized on September 26, 2024, underscores the World Bank’s dedication to helping Nigeria strengthen its human capital while building resilience against the increasing threats posed by climate change.
