The World Bank has approved a $1.57 billion loan for Nigeria to strengthen human capital and build climate resilience. This financing, announced on September 26, 2024, will fund three major projects focused on improving health services for women, children, and adolescents while addressing the impacts of climate change through enhanced dam safety and irrigation systems.
The new funding includes $500 million for improving governance in education and health, $570 million for primary healthcare, and $500 million for sustainable power and irrigation. The projects will target maternal and under-five mortality, benefiting 40 million people, and provide irrigation for 40,000 hectares of land, aiding 950,000 people, including farmers and livestock breeders.
This latest approval brings Nigeria’s total loans from the World Bank under President Bola Tinubu to $6.52 billion, amid rising concerns over the country’s external debt servicing costs. The World Bank is expected to approve another $500 million loan by December 2024 for rural access and agricultural marketing.
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