The World Bank has approved a $1.57 billion financing package for Nigeria to support its health and education sectors and provide sustainable power, the institution announced on Monday. The funding aims to enhance the availability and effectiveness of financing for basic education, primary healthcare services, and infrastructure projects, making it a significant boost for Nigeria’s development efforts.
The package includes $500 million for addressing governance issues hindering the delivery of education and healthcare, $570 million for the Primary Healthcare Provision Strengthening Program, and $500 million for the Sustainable Power and Irrigation for Nigeria Project. This support comes as Nigeria grapples with challenges such as a high number of out-of-school children, largely due to insecurity in the northern regions affected by insurgencies and armed kidnappings.
In addition to health and education, part of the financing will focus on improving dam safety to mitigate the impact of floods. Nigeria has faced frequent flooding, and earlier this year, up to a million people were affected when a dam burst in Borno state. The World Bank’s funding is also expected to help prevent further disasters, especially as more floods are anticipated due to Cameroon releasing water from a major dam to prevent overflow.
The World Bank is Nigeria’s largest lender, with more than $15 billion in loans as of March, according to the country’s Debt Management Office. This latest financing package underscores the bank’s ongoing commitment to supporting Nigeria’s social and infrastructural development.
World Bank Approves $1.57bn Financing Package for Nigeria to Boost Health, Education, and Power Sectors
