The World Bank has approved three new projects requests worth $1. 57 billion loan to the Nigerian government.
In a statement released on Monday morning, September 30th, World Bank stated that the new funding will support Nigeria in addressing governance challenges in education and healthcare, improving the primary healthcare sector, and increasing resilience to climate change through enhanced dam safety and irrigation infrastructure.
According to the World Bank, the approval of the loan was made last week on September 26, 2024. This finance package, which consists of a $70 million grant and a $1.5 billion loan, is a part of larger initiatives to develop key sectors such as education, healthcare, and water management, while fighting poverty.
BREAKDOWN OF APPROVED PROJECTS
The $1.57 billion is allocated to three important projects. $500 million is given to the first program, HOPE-GOV, to improve governance in the health and education sectors. The aim is to improve accountability while ensuring the most vulnerable groups receive basic and essential services like primary healthcare and elementary education.
For the Primary Healthcare Service. An additional $570 million has been set aside. The Nigeria’s healthcare system, especially for women, children, and adolescents, depends heavily on this program. The program’s main aims are to lower the mortality rates for mothers and children under five and strengthen Nigeria’s healthcare system’s resilience.
The project aims to offer quality maternity, neo-natal, child, and adolescent health services under HOPE-PHC.
A $500 million International Development Association credit and an extra $70 million grant from the Global Financing Facility—which also includes contributions from the Children’s Investment Foundation Fund (CIFF) and the UK Foreign, Commonwealth & Development Office (FCDO)—fund the project. These grants will support sustainable family planning financing while filling funding shortfalls in basic healthcare.
The remaining $500 million is targeted to go to the Sustainable Power and Irrigation for Nigeria Project (SPIN), which seeks to protect Nigeria from climate-related disasters, including floods and droughts. The SPIN initiative would benefit about 950,000 individuals, including farmers and animal breeders, through improved water resource management, expanded irrigation services, and strengthened dam safety measures.
The project would assist Nigeria in increasing agricultural productivity by implementing more dependable and effective irrigation systems. The SPIN project also aims to create a plan for hydropower development, emphasizing public-private partnerships as a means of increasing energy output.
The World Bank Country Director for Nigeria, Dr. Ndiamé Diop explained in the statement how important it is to invest in Nigerians’ health and education to increase productivity, reduce poverty rate , and improve future employment possibilities.
He further stated that the additional funding will help Nigerians, especially women and girls, overcome major obstacles to receiving quality medical care and services.
The World Bank is delighted to work with the Nigerian government and other stakeholders to deliver this program.
