The World Bank has approved three loans amounting to $1.57 billion to aid in Nigeria’s development.
The funds will be utilized to improve healthcare services for women, children, and adolescents, and to strengthen the country’s ability to withstand climate change effects such as floods and droughts, the bank announced in a statement on Monday.
“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.
