$1.57 billion loan approved by the World Bank for Nigeria

Three further loan proposals totaling $1.57 billion in funding for Nigeria have been accepted by the World Bank.

A statement issued on Monday said that the decision will help the Federal Government improve the health of mothers, children, and adolescents in order to enhance human capital.

It further stated that by enhancing irrigation and dam safety, the authorized projects would contribute to the development of resilience against the effects of climate change, such as droughts and floods.

The statement said, "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 improved dam safety and irrigation, the World Bank has today approved three operations for a total of $1.57 billion."
According to the international lender, $500 million of this additional funding will go toward resolving governance concerns that impede the provision of healthcare and education, $570 million will go toward strengthening the primary healthcare provision, and $500 million will go toward the Sustainable Power and Irrigation for Nigeria Project.

In order to improve Nigeria's human capital outcomes, the government will receive assistance from the HOPE-GOV and HOPE-PHC programs in enhancing service delivery in the basic education and primary healthcare sectors.

In specific regions of Nigeria, the SPIN project will assist in enhancing the security of dams and the management of water resources for irrigation and electricity.

It stated that "the HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the government's systems and procedures in two critical areas of human development."

The September 26, 2024, clearance demonstrates the World Bank's dedication to enhancing Nigeria's human capital and fostering resilience against climate-related hazards.



Source: https://punchng.com/JUST-IN-World-Bank-okays-$1.57bn-loan-



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