The World Bank has announced that it has approved three new loan requests for Nigeria, totalling $1.57 billion in financing.
News About Nigeria reports that this is disclosed in a statement issued on Monday.
The statement said the approval is to assist the federal government in enhancing human capital through better health for women, children and adolescents.
The approved projects will enhance Nigeria’s ability to withstand climate change impacts, such as floods and droughts, by upgrading dam safety and irrigation systems to promote water resource management and conservation
“The World Bank has today approved three operations for a total of $1.57bn 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,” the statement reads.
The international lender noted that this new financing includes $500 million to address governance issues in education and health.
It also includes $570 million for the Primary Healthcare Provision Strengthening Programme and $500 million for the Sustainable Power and Irrigation for Nigeria Project.
“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 statement continued.
“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.
“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors.”
The approval on September 26 by the World Bank demonstrates its dedication to enhancing Nigeria’s human capital and climate resilience amidst growing climate concerns.
