The World Bank has approved a total of $1.57 billion in financing for Nigeria, aimed at strengthening human capital development and climate resilience.
According to the World Bank, the approved funds will support the Federal Government’s efforts to improve the delivery of essential services, particularly in education and healthcare. The loan is expected to address governance issues that have hindered progress in these sectors.
The Primary Healthcare Provision Strengthening Programme will receive $570 million, focusing on enhancing healthcare services for women, children, and adolescents. This initiative is crucial in improving Nigeria’s human capital outcomes.
Additionally, the Sustainable Power and Irrigation for Nigeria Project has been allocated $500 million. This project will focus on improving dam safety and management, as well as supporting irrigation for hydropower. This will help build resilience against climate-related threats, such as floods and droughts.
A further $500 million has been earmarked to address underlying governance weaknesses in the systems and procedures of government, particularly in education and healthcare.
The World Bank’s approval, made on September 26, 2024, shows its commitment to supporting Nigeria’s development during climate challenges.