The World Bank has approved three new loan requests totaling $1.57 billion in financing for Nigeria. This funding is aimed at supporting key initiatives in human capital development, particularly in the areas of health for women, children, and adolescents.
The World Bank’s statement, released on Monday, highlights that the loans will also be used to enhance the country’s resilience to climate change impacts, such as floods and droughts. Part of this effort involves improving the safety of dams and expanding irrigation systems, which are crucial for managing water resources in a changing climate.
This financial support aligns with Nigeria’s goals of strengthening health outcomes and addressing the challenges posed by environmental changes, particularly in vulnerable communities.
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.”
The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m for 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 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 approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.
