The World Bank has granted Nigeria $1.57 billion in new loans to support key sectors such as healthcare, education, and infrastructure, to enhance the country’s resilience to climate change.
The financing package includes $500 million aimed at improving governance in healthcare and education, $570 million for primary healthcare services, and another $500 million dedicated to energy and irrigation projects.
World Bank Country Director, Dr. Ndiamé Diop, emphasized the importance of investing in human capital, especially for women and girls, to drive future employment growth and productivity. This funding is part of the bank’s ongoing commitment to assist Nigeria, which faces numerous challenges including insecurity, particularly in the north, leading to high numbers of out-of-school children.
In addition to improving healthcare, the funding will focus on strengthening dam safety to reduce the risks of flooding. Flooding has become a major concern, with recent incidents like the Alau dam floods which took lives and destroyed millions worth of property and businesses. impacting nearly a million people.
As Nigeria’s largest lender, with over $15 billion in loans as of March, the World Bank plays a crucial role in supporting the nation’s development.
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