World Bank Headquarters 

The World Bank has approved 1.57 billion dollars in new financing for Nigeria.

The fund is aimed at bolstering human capital development and addressing climate change impacts.

In a statement released on Monday, the global lender said the funds would support the Nigerian government’s efforts to improve healthcare services for women, children, and adolescents.

It added that the financing will be used to enhance the country’s resilience to climate change, particularly in mitigating the effects of floods and droughts.

The projects will include initiatives to improve dam safety and expand irrigation systems, further strengthening the nation’s infrastructure against climate-related challenges.

The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m for the Sustainable Power and Irrigation for Nigeria Project.

“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

“The SPIN project will support improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.

The approval, 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.

More details soon…

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