The World Bank has approved three new projects for Nigeria, totalling $1.57 billion in financing.
According to a statement released on Monday by World Bank Nigeria, this new funding will support the country in addressing governance challenges in education and healthcare, improving primary healthcare services, and increasing resilience to climate change through enhanced dam safety and irrigation infrastructure.
The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.
This financing package, which includes $1.5 billion loan and $70 million grant, is part of broader efforts to improve key sectors such as education, healthcare, and water management, while also tackling poverty and boosting productivity.
In the statement, Dr Ndiamé Diop, World Bank Country Director for Nigeria, emphasized that investing in the health and education of Nigerians is crucial for improving future employment opportunities, productivity, and reducing poverty.
He added that the new financing will address the significant challenges faced by Nigerians, particularly women and girls, in accessing quality healthcare and services.
Diop said: “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. 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.
“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.”
So far, Nigeria has secured a total of $6.52 billion in new financing from the World Bank under the administration of President Bola Tinubu amid concerns over the country’s rising external debt servicing costs.
Earlier this year, the World Bank recently announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.
Naijaonpoint earlier reported that Nigeria received only about 16% of the total loans earlier approved by the World Bank under Tinubu.
That is, out of $4.95 billion earlier approved loans, only $774.99 million had been disbursed as of July 31, 2024, raising concerns about the pace of project implementation and fund utilization.
Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.