In a significant move to support Nigeria’s growth and development, the World Bank has greenlit three new loan requests totaling $1.57 billion. This substantial financing aims to strengthen human capital by improving healthcare for women, children, and adolescents, as well as enhancing resilience to climate change.
According to Damilola Aina’s report in The Punch Newspaper, the approved projects will address governance issues hindering education and healthcare delivery. The loans will also support dam safety and irrigation, ensuring protection from floods and droughts.
The World Bank’s Country Director for Nigeria, Dr. Ndiamé Diop, emphasized the importance of investing in human capital, stating, “Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings while reducing poverty among the most vulnerable.”
The $1.57 billion loan package comprises:
$500 million to address governance issues in education and healthcare.
$570 million for the Primary Healthcare Provision Strengthening Programme.
$500 million for the Sustainable Power and Irrigation for Nigeria Project.
READ MORE: Celebrating Bishop David Olaniyi Oyedepo: Why the Criticism is Misplaced
These projects will benefit 40 million people, especially vulnerable populations, by improving service delivery in basic education and primary healthcare. The Sustainable Power and Irrigation for Nigeria Project will provide new and improved irrigation and drainage services, benefiting up to 950,000 people.
This approval brings Nigeria’s total loans from the World Bank under President Bola Tinubu’s administration to $6.52 billion, amidst concerns over rising external debt servicing costs.
Dr. Diop reassured that the World Bank is committed to addressing Nigeria’s complex challenges, particularly in accessing quality services and improving governance structures.
The World Bank is expected to approve an additional $500 million loan for the Rural Access and Agricultural Marketing Project – Scale Up by December 16, 2024.
Would you like more information on this topic or related news?
Freely subscribe to the African Future Leadership Magazine to get more updates.
