The World Bank has approved a $1.57 billion loan for Nigeria, aimed at enhancing the country’s human capital and addressing climate-related challenges.
The loan, approved on September 26, 2024, is intended to strengthen healthcare for women, children, and adolescents, while also building resilience to climate impacts such as floods and droughts through improved dam safety and irrigation.
According to a statement released on Monday morning, the funding is divided into three key projects.
A major portion, $570 million, is allocated to improving primary healthcare services across the country, while $500 million will focus on addressing governance issues that hinder education and healthcare delivery.
Another $500 million will be directed towards the Sustainable Power and Irrigation for Nigeria Project, which aims to enhance dam safety and optimize water resource management for hydropower and irrigation in targeted areas.
These projects, including the HOPE-GOV and HOPE-PHC initiatives, are designed to bolster service delivery in education and healthcare, both of which are critical to improving Nigeria’s human capital.
Additionally, the funds will help improve water management systems, which are essential in mitigating the effects of climate change.
