World Bank Approves $1.57bn Loan for Three Projects in Nigeria

By Modupe Gbadeyanka

Nigeria will receive a fresh $1.57 billion loan from the World Bank Group to finance three new projects in the country, a statement from the lender said.

The money was approved by the organisation to assist the nation address climate change, education and healthcare.

World Bank Country Director for Nigeria, Mr Ndiamé Diop, said in the statement that the new loan would positively impact the country’s economy, as it would address the significant challenges faced by Nigerians, particularly women and girls, in accessing quality healthcare and services.

“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings while reducing poverty of the most vulnerable.

“This new financing for human capital and primary healthcare will help address the complex difficulties faced by Nigerians, especially women and girls around access and quality of services, but also the governance arrangements that explain these difficulties.

“The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented while enabling an increase in hydropower generation.

“The direct positive impact of this project on people and livelihoods is enormous, The World Bank is pleased to work with the government and other stakeholders to deliver this program,” Mr Diop stated.

Recall that some days ago, it was reported that Nigeria was awaiting the approval of the $1.57 billion loan from the World Bank on Thursday, September 26, 2024.

About $500 million is earmarked for the HOPE-GOV programme to improve governance in the education and health sectors, with another $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) designed to improve the nation’s healthcare system, particularly for women, children, and adolescents.

This project will provide quality reproductive, maternal, newborn, child, and adolescent health services, with about 40 million Nigerians, especially those in underserved areas, expected to benefit from it.

It is funded by a $500 million International Development Association (IDA) credit, along with an additional $70 million grant from the Global Financing Facility (GFF), which includes contributions from the UK Foreign, Commonwealth & Development Office (FCDO) and the Children’s Investment Foundation Fund (CIFF).

For the third project, $500 million will be allocated to the Sustainable Power and Irrigation for Nigeria Project (SPIN) to protect Nigeria from climate-induced challenges such as floods and droughts through enhanced dam safety measures, improved water resource management, and the expansion of irrigation services.