The World Bank has approved $1.57 billion in new loans to Nigeria to support health services, education, and dam safety, enhancing the country’s resilience to climate change.
The package includes $500 million to improve education and healthcare governance, $570 million for primary healthcare provision, and $500 million for power and irrigation projects.
World Bank Country Director Dr. Ndiamé Diop emphasized the need for effective investments in human capital, particularly for women and girls, to boost future employment and productivity.
The funding is part of the bank’s broader effort to assist Nigeria, which faces challenges such as high numbers of out-of-school children, largely due to insecurity in the north.
The financing will also focus on improving dam safety to mitigate flood risks. Flooding has become a growing concern, with recent disasters affecting up to a million people. The World Bank remains Nigeria’s largest lender, with over $15 billion in loans as of March.
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The World Bank’s financing to Nigeria comes at a time when the country faces mounting challenges from insecurity and climate-induced disasters like frequent floods.
A significant portion of the funding will enhance the primary healthcare system, addressing the complex issues faced by women and children.
Additionally, funds are allocated for power and irrigation projects aimed at boosting agricultural productivity and reducing the impacts of floods.
World Bank is Nigeria’s largest creditor, with the facility expected to improve the country’s future employment opportunities, especially in regions where insecurity has disrupted education and services.
