•Targets improved governance in education, health, sustainable power, irrigation
•Bank’s loans under Tinubu hit $6.2bn
The World Bank has approved the sum of $1.57 billion for three new projects in Nigeria, including supporting the country in addressing governance challenges in education and healthcare.
Others are improving primary healthcare services as well as increasing resilience to climate change through enhanced dam safety and irrigation infrastructure.
The new financing is coming about three months after the bank approved a total of $2.25 billion for the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Programme (DPF) and Nigeria Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (PforR).
The combined $2.25 billion package was designed to provide immediate financial and technical support to Nigeria’s urgent efforts to stabilise the economy and scale up support to the poor and most economically at risk.
Records show that with the new facility, Nigeria has so far secured about $6.2 billion World Bank funding since the emergence of the current administration under President Bola Ahmed Tinubu.
Concerning the new N1.57 billion, the World Bank Country Office in Nigeria said in a statement yesterday, that the funding would 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.
According to the statement, the approval which was 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.
Providing further details, the World Bank stated that the financing package, which included $1.5 billion loan and a $70 million grant was part of broader efforts to improve key sectors such as education, healthcare, and water management, while also tackling poverty and boosting productivity.
The three major projects for which the $1.57 billion funding was targeted include the HOPE-GOV program, which will receive $500 million to improve governance in the education and health sectors.
This programme was designed to address underlying issues in financial and human resource management that have hindered service delivery.
The aim was to enhance transparency and accountability while ensuring that critical services such as basic education and primary healthcare reach the most vulnerable populations.
Another $570 million was earmarked for the Primary Healthcare Provision Strengthening Program (HOPE-PHC).
This initiative is pivotal in improving Nigeria’s healthcare system, particularly for women, children, and adolescents. The program focuses on reducing maternal and under-five mortality rates and enhancing the resilience of Nigeria’s health infrastructure.
HOPE-PHC project would provide quality reproductive, maternal, newborn, child, and adolescent health services.
According to the World Bank, an estimated 40 million Nigerians, especially those in underserved areas, are expected to benefit from the programme.
The initiative was funded by a $500 million International Development Association (IDA) credit, along with an additional $70 million grant from the Global Financing Facility (GFF), which includes contributions from the UK Foreign, Commonwealth & Development Office (FCDO) and the Children’s Investment Foundation Fund (CIFF).
These funds would help bridge gaps in primary healthcare financing, while also supporting sustainable financing for family planning.
The remaining $500 million would be allocated to the Sustainable Power and Irrigation for Nigeria Project (SPIN), which aims to protect Nigeria from climate-induced challenges such as floods and droughts. Through enhanced dam safety measures, improved water resource management, and the expansion of irrigation services, the SPIN program will benefit around 950,000 people, including farmers and livestock breeders.
The bank explained that the project would help Nigeria enhance its agricultural productivity through more reliable and efficient irrigation systems.
The SPIN project includes plans to develop a master plan for hydropower generation, with a focus on boosting energy production through public-private partnerships.
Commenting on the financing, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, noted that it would help to address difficulties faced by Nigerians.
He explained that investing in the health and education of Nigerians was crucial for improving future employment opportunities, productivity, and reducing poverty.
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
