Abuja, Nigeria – The World Bank has approved three new loan requests for Nigeria, amounting to $1.57 billion, aimed at enhancing human capital and strengthening climate resilience. According to a statement released on Monday, the funding will support health improvements for women, children, and adolescents, as well as infrastructure projects to mitigate the effects of climate change, such as floods and drought.
The World Bank outlined the breakdown of the approved projects:
- $500 million is allocated to address governance challenges in the education and health sectors, aiming to enhance service delivery.
- $570 million will be directed towards the Primary Healthcare Provision Strengthening Programme, which is crucial for improving the country’s primary healthcare systems.
- $500 million is designated for the Sustainable Power and Irrigation for Nigeria (SPIN) Project, which seeks to improve dam safety and water resource management, benefiting both hydropower and irrigation.
The HOPE-GOV and HOPE-PHC programmes, which target governance reforms and primary healthcare improvements, are intended to boost Nigeria’s human capital by ensuring better access to basic education and healthcare. Meanwhile, the SPIN project will help Nigeria build resilience to climate-related disasters by improving critical water management systems.
This new financing, approved on September 26, 2024, reinforces the World Bank’s commitment to tackling governance inefficiencies and climate risks, supporting long-term development and stability in Nigeria.