World Bank don approve three new loans wey total $1.57 billion to help Nigeria for important areas. Dem announce am on Monday, say di money go focus on better health care for women, pikin dem, and young people, plus help di country get ready for climate change wahala like flood and drought, through better dam safety and irrigation.
For di World Bank statement, dem talk say: “Di World Bank don approve three operations wey total $1.57bn to support Nigeria government to strengthen human capital through better health for women, children, and adolescents, and build resilience to di effects of climate change like floods and droughts by improving dam safety and irrigation.”
Di loan get $500 million to fix governance issues for education and health, $570 million for Primary Healthcare Provision Strengthening Programme, and $500 million for Sustainable Power and Irrigation for Nigeria (SPIN) project. Di Bank explain say di HOPE-GOV and HOPE-PHC programs go help Nigeria improve service for basic education and healthcare, wey be key to better human capital.
“Di SPIN project go support di improvement of dam safety and management of water resources for hydropower and irrigation for selected areas of Nigeria,” di Bank add.
Di HOPE-GOV program, wey dem approve on September 26, 2024, go tackle governance problems inside government systems to reduce maternal and under-five pikin death, go benefit up to 40 million people. Di project go receive $500 million credit from International Development Association (IDA) and $70 million grant from Global Financing Facility for Women, Children, and Adolescents.
“Di HOPE-GOV Program go support Nigeria to fix governance weakness for government systems for two key human development sectors… Di Program go increase di availability and effectiveness of money for basic education and healthcare service,” di statement yarn.
Di SPIN project go help fight climate wahala by improving dam safety and provide new and better irrigation and drainage services for 40,000 hectares of land. Dis project go benefit 950,000 people, including farmers and livestock breeders, by improving water management and agricultural productivity.
“Di SPIN Program go help Nigeria protect citizens from flood and drought through better dam safety and operations… helping up to 950,000 people, including households, farmers, and livestock breeders,” di World Bank tok.
Di World Bank Country Director for Nigeria, Dr. Ndiamé Diop, talk say dis financing go help fix di big problems wey women, girls, and di vulnerable dey face. E also tok say di program go help improve governance and increase access to better services to reduce poverty and give people better job opportunities for future.
Di World Bank don also hint say dem fit approve another $500 million loan by December 2024 for di Rural Access and Agricultural Marketing Project – Scale Up, to continue di financial support for Nigeria development.
So far, Nigeria don collect $6.52 billion loan from di World Bank under President Bola Tinubu administration, even as people dey worry about di rising external debt. Data from di Debt Management Office show say Nigeria owe di World Bank $15.59 billion as of March 2024.
