The World Bank has approved three new loan requests totaling $1.57 billion in financing for Nigeria to bolster human capital and build resilience against climate change.
Announced on September 26, 2024, the funding will target healthcare, education, and infrastructure, particularly for women, children, and vulnerable populations.
The financing includes $500 million to address governance issues constraining health and education services, $570 million for strengthening primary healthcare, and $500 million for the Sustainable Power and Irrigation for Nigeria (SPIN) project to enhance dam safety and irrigation services.
The loans will support key reforms aimed at improving service delivery in education and healthcare, addressing governance challenges, and boosting resilience against floods and droughts. Notably, the healthcare programs aim to reduce maternal and child mortality, benefiting 40 million Nigerians.
This approval highlights the World Bank’s continued commitment to Nigeria, which has received $6.52 billion in loans under President Bola Tinubu’s administration.
Additionally, the World Bank is expected to approve another $500 million loan by December 16, 2024, for the Rural Access and Agricultural Marketing Project.
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