World Bank Approves N381Bn Loan for Nigeria

The World Bank has approved the loan request of the federal government of Nigeria for a sum of $500m (N381 billion).

Dockaysworld gathered that the federal government had sought the loan for the purpose of driving women’s empowerment in the country.

In a statement released, the World Bank stated that it gave approval for the loan to scale up financing for Nigeria Women Programme, which was initially approved on June 27, 2018, with $100m financing.

The statement in part reads;

“The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria. The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”

This will be the second loan being approved by the World Bank in the Bola Tinubu administration.

It is coming after the $800m loan which was also taken from the World Bank to ease the effect of the removal of fuel subsidy.