The World Bank has approved three new loan requests totaling $1.57 billion to support Nigeria’s efforts in strengthening human capital and building resilience against climate change. This approval, announced in a statement on Monday, focuses on improving health outcomes for women, children, and adolescents, while also addressing climate-related challenges such as floods and droughts through dam safety and irrigation improvements.
The financing includes $500 million for governance reforms in education and healthcare, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria (SPIN) Project.
Focus on Human Capital and Climate Resilience
The HOPE-GOV and HOPE-PHC programmes will aim to enhance service delivery in Nigeria’s education and primary healthcare sectors, improving outcomes for vulnerable populations and addressing governance issues that have hindered progress. These initiatives are expected to reduce maternal and under-five mortality rates, benefiting 40 million Nigerians.
The SPIN Project will support improved dam safety and management of water resources, contributing to better irrigation services over 40,000 hectares of land, which is expected to benefit 950,000 people, including farmers and livestock breeders. The project will also help develop a master plan for hydropower in Nigeria.
Commitment to Long-Term Development
The World Bank’s Country Director for Nigeria, Dr. Ndiamé Diop, highlighted the importance of these investments in improving education and healthcare services, particularly for women and girls, as well as addressing governance challenges that have constrained progress. Dr. Diop also noted the significance of the SPIN Project in protecting Nigerians from the impacts of climate change while boosting hydropower generation and agricultural productivity.
This latest approval underscores the World Bank’s ongoing commitment to addressing Nigeria’s complex challenges, with the bank having provided a total of $6.52 billion in loans to Nigeria under President Bola Tinubu’s administration. Another $500 million loan for the Rural Access and Agricultural Marketing Project is expected to be approved by December 2024.