- The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.
The World Bank has greenlit three loans totaling $1.57 billion to support Nigeria’s development.
In a statement released Monday, the bank explained that the funds will enhance healthcare for women, children, and adolescents, and bolster resilience against climate change impacts like flooding and drought.
“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 statement reads.
” The financing package includes $500 million to tackle education and health governance issues, $570 million for primary healthcare strengthening, and $500 million for sustainable power 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.”
The September 26, 2024, approval underscores the World Bank’s commitment to Nigeria’s human capital development and climate resilience.
This significant funding aims to transform essential services and safeguard Nigeria’s future generations.
This is a developing story as further details on the initiatives will be released shortly.