Nigeria Secures $1.57bn World Bank Loan as Debt Profile Rises
Nigeria has secured three new loans from the World Bank, totalling $1.57 billion, to support critical sectors such as healthcare, education, and climate resilience. This new financing comes at a time when the country’s debt profile continues to grow, reflecting the government’s commitment to essential reforms aimed at strengthening human capital and infrastructure.
In a statement released on Monday, September 30, the World Bank confirmed the approval of the loans, which will be directed towards improving services for women, children, and adolescents in Nigeria.
“The World Bank has approved three operations, totalling $1.57 billion, to support the Government of Nigeria in strengthening human capital, focusing on better health outcomes for women, children, and adolescents,” the statement read.
Breakdown of the Loan Allocation:
- HOPE-GOV Programme ($500 million): This fund is aimed at tackling governance challenges in Nigeria’s education and healthcare sectors. The programme focuses on reforms that will improve the quality of services in these crucial areas.
- Primary Healthcare Provision Strengthening Programme (HOPE-PHC) ($570 million): Designed to enhance healthcare delivery across the country, this programme will focus on improving the primary healthcare system, particularly for underserved populations.
- Sustainable Power and Irrigation for Nigeria Project (SPIN) ($500 million): This portion of the funding will be used to improve the safety of Nigeria’s hydropower dams and to enhance irrigation and water resource management. SPIN is expected to have a significant impact on Nigeria’s power and agricultural sectors.
“The SPIN project will support dam safety improvements and better water resource management for hydropower and irrigation in selected areas of Nigeria,” the World Bank statement added.
The loans were approved on September 26, 2024, as part of Nigeria’s ongoing efforts to address critical challenges related to human capital development and climate resilience. However, the new loans come at a time when Nigeria’s growing debt profile continues to raise concerns, even as the government prioritizes long-term development through strategic investments.
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