Nigeria: World Bank Approves Fresh N2.4tr Loan for Nigeria

1 October 2024
Daily Trust (Abuja)
By Philip Shimnom Clement

The World Bank has announced the approval of $1.57 billion ( N2.4 trillion at N1601 to a dollar) to boost human capital in Nigeria through better health for women, children and adolescents.

According to a statement by the bank, part of the support will also help to mitigate the impact of climate change in Nigeria through improvement in dam safety and irrigation.

It added that "The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).

"The SPIN project will support improvement of dams' safety and management of water resources for hydropower and irrigation in selected areas of Nigeria,"

The World Bank further stated that the HOPE-GOV Program will focus on critical cross-cutting challenges and enabling factors related to both financial and human resource management in basic education and primary healthcare sectors.

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