World Bank approves $1.57bn loan for Nigeria for healthcare, climate

September 30, 2024 (MLN): The World Bank has approved three operations for a total of $1.57 billion 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, said a press release.

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

“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable," said Ndiamé Diop, the World Bank Country Director for Nigeria.

"This new financing for human capital and primary healthcare will help to address the complex difficulties faced by Nigerians especially women and girls around access and quality of services, but also the governance arrangements that also explain these difficulties” said Ndiamé Diop, the World Bank Country Director for Nigeria.

“The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation. The direct positive impact of this project on people and livelihoods is enormous, The World Bank is pleased to work with the government and other stakeholders to deliver this program," Diop added.

The International Development Association (IDA) is the World Bank’s fund for the poorest.

Established in 1960, it provides grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.

IDA is one of the largest sources of assistance for the world’s 76 poorest countries, 39 of which are in Africa. IDA resources help effect positive change in the lives of the 1.6 billion people living in the countries that are eligible for its assistance.

Since its inception, IDA has supported development work in 113 countries. Annual commitments are constantly on the rise and have averaged $21bn over the past three years, with about 61% going to Africa.

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