The World Bank has approved three fresh loans amounting to $1.57 billion for Nigeria, aimed at bolstering critical sectors such as healthcare, education, and climate resilience.
This financial support arrives amidst Nigeria’s expanding debt burden, showcasing the government’s commitment to crucial reforms.
An announcement made on Monday, September 30, verified the loan endorsement, with the funds designated for enhancing services for women, children, and adolescents.
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.”
Furthermore, $570 million is allocated to the Primary Healthcare Provision Strengthening Programme (HOPE-PHC) to enhance healthcare services.
Another $500 million is designated for the Sustainable Power and Irrigation for Nigeria Project (SPIN), aimed at improving hydropower dam safety, irrigation, and water resource management.
The statement read, “The SPIN project will support improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.”
The loan approvals were granted on September 26, 2024, as the government focuses on tackling significant issues related to human capital and climate resilience.
