Nigeria Secures $1.57 Billion Loan from World Bank

Nigeria has secured a new loan of up to $1.57 billion from the World Bank aimed at enhancing human capital through improved health services for women, children, and adolescents, while also building resilience against climate change.

The financing package includes approximately $500 million to address governance challenges affecting education and health, $570 million to strengthen primary health care, and another $500 million for the Sustainable Power and Irrigation for Nigeria (SPIN) project, as stated by Ndiame Diop, the Country Director for the World Bank in Nigeria.

“This new funding for human capital and primary health care will tackle the multifaceted challenges faced by Nigerians, particularly women and girls, regarding access to quality services and governance issues,” Diop said, according to Xinhua news agency.

He emphasized that the SPIN program is timely, designed to protect Nigerians from the impacts of floods and drought in the targeted areas, and aims to enhance hydropower generation capacity.