Three further loan proposals totalling $1.57 billion in funding for Nigeria have been accepted by the World Bank.
A statement issued on Monday said that the decision would help the Nigerian government improve the health of mothers, children, and adolescents in order to enhance human capital.
It further stated that by enhancing irrigation and dam safety, the authorised projects would contribute to the development of resilience against the consequences of climate change, including drought and floods.
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 and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”
According to the international lender, $500 million of this new funding would go towards resolving governance concerns that impede the provision of healthcare and education, $570 million will go towards strengthening the primary healthcare provision, and $500 million will go towards the Sustainable Power and Irrigation for Nigeria Project.
“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 the 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,” it noted.
The September 26, 2024, clearance demonstrates the World Bank’s dedication to enhancing Nigeria’s human capital and fostering resilience against climate-related hazards.
Additionally, it shows that Nigeria, under President Bola Tinubu’s government, has obtained loans totalling $6.52 billion from the World Bank in response to worries about the nation’s growing external debt servicing obligations.
In June, the World Bank approved two loan projects to boost Nigeria’s economy and help disadvantaged communities. According to the bank, the $2.25bn package includes the $1.5bn Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilisation Reforms Program-for-Results. To date, the international lender has received $751.88m of the $1.5bn Nigeria Reforms for Economic Stabilisation to Enable Transformation.