The World Bank has approved $1.57 billion in loans to support Nigeria’s efforts to enhance human capital development and strengthen resilience against climate change impacts. The financing, approved on September 26, 2024, will focus on improving healthcare for women, children, and adolescents, as well as bolstering dam safety and irrigation systems to mitigate the effects of floods and droughts.
According to the World Bank’s statement, the funds will be distributed across three key projects. A total of $500 million will be allocated to addressing governance challenges that hinder the delivery of education and healthcare, while $570 million is earmarked for the Primary Healthcare Provision Strengthening Programme. An additional $500 million will go toward the Sustainable Power and Irrigation for Nigeria (SPIN) Project, aimed at enhancing dam safety and managing water resources for hydropower and irrigation.
The health-focused HOPE-GOV and HOPE-PHC programs will support Nigeria in improving service delivery in the basic education and primary healthcare sectors, which are critical for the country’s human capital development. The SPIN project will focus on improving water management infrastructure to better respond to the growing challenges posed by climate change.
“The approval of these funds underscores the World Bank’s commitment to helping Nigeria tackle both immediate and long-term challenges,” the statement said.
More details are expected to be released soon as the projects are rolled out.
