World Bank Approves $1.57bn Loan to Bolster Nigeria’s Health, Education, and Climate Resilience

The World Bank has approved $1.57 billion for the Nigerian government, which will be used to finance projects aimed at improving healthcare, education, and climate resilience.

The approval, made on September 26, 2024, focuses on strengthening critical sectors that impact the nation’s human capital and climate adaptation efforts.

According to a statement from the World Bank, the new loans include $570 million for the Primary Healthcare Provision Strengthening Programme (HOPE-PHC), $500 million for the HOPE-GOV Programme addressing governance in health and education, and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).

“The HOPE-GOV and HOPE-PHC programmes 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 bank noted.

The SPIN project will focus on climate resilience by enhancing the safety of dams and improving water management for both irrigation and hydropower.

“The SPIN project will support the improvement of dams’ safety and the management of water resources for hydropower and irrigation in selected areas of Nigeria,” the statement added.

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Recall that in June, Neusroom reported that the administration of President Bola Tinubu secured two major financial support packages from the World Bank, valued at $2.25 billion.

This comes amid growing concern regarding Nigeria’s debt profile. According to data from the Debt Management Office (DMO), Nigeria’s total debt as of March 2024 stands at ₦121.67 trillion, with external debt alone at ₦56.02 trillion.