The World Bank has approved a $1.57 billion financing package for Nigeria to support its health, education, and power sectors, the institution announced on Monday.
This new loan brings the World Bank’s total lending to Nigeria to over $16.57 billion, solidifying its position as the country’s largest lender. As of March, Nigeria’s debt to the World Bank stood at more than $15 billion, according to data from the Debt Management Office.
The financing package is divided into three main components: $500 million to address governance issues hindering education and health service delivery, $570 million for the Primary Healthcare Provision Strengthening Program, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.
“This comprehensive package aims to tackle some of Nigeria’s most pressing development challenges,” said a World Bank spokesperson, who requested anonymity as per the institution’s policy. “We’re focusing on areas that can have a significant impact on the lives of Nigerian citizens.”
The funding comes at a critical time for Nigeria, which faces numerous challenges including a high number of out-of-school children, particularly in the north where insecurity from Islamist insurgencies and armed kidnapping gangs has disrupted education.
Part of the loan will also be directed towards improving dam safety to protect communities from floods. This follows recent flooding incidents, including one in northeastern Borno state where a dam burst affected up to a million people.
