World Bank Approves Fresh $1.57 Billion Loan to Boost Health, Education, and Climate Resilience in Nigeria

World Bank’s Loan to Enhance Healthcare, Education, and Tackle Climate Challenge In Nigeria

The World Bank has approved a $1.57 billion loan package for Nigeria, aimed at strengthening human capital and bolstering climate resilience. The financing, approved on September 26, 2024, will support key initiatives in healthcare, education, and water management.

According to a statement released Monday, the funding will be allocated across three major projects. This includes $570 million for the Primary Healthcare Provision Strengthening Programme, $500 million for governance reforms in education and health (HOPE-GOV), and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).

“The HOPE-GOV and HOPE-PHC programmes will help improve service delivery in basic education and primary healthcare, critical for Nigeria’s human capital development,” the World Bank said.

The SPIN project will focus on enhancing dam safety and managing water resources for hydropower and irrigation, addressing the effects of climate change, such as floods and droughts.

This latest approval underscores the World Bank’s commitment to supporting Nigeria’s development goals in health, education, and climate adaptation.