The World Bank has accepted three additional loan proposals totalling $1.57 billion in finance for Nigeria.
According to a statement made on Monday, the clearance is intended to help the Federal Government improve human capital by improving the health of mothers, children, and adolescents.
It further stated that the approved projects would help improve resilience to the effects of climate change, such as floods and droughts, by increasing dam safety and irrigation.
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 noted that the additional investment comprises $500 million to address governance concerns that impede education and health delivery, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.
“The HOPE-GOV and HOPE-PHC programs 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 decision, issued on September 26, 2024, demonstrates the World Bank’s commitment to boosting Nigeria’s human capital and increasing resilience in the face of climate risks.
