The World Bank has approved a $1.57 billion loan for Nigeria to boost the country’s human capital and address issues caused by climate change.
The loan, approved on September 26, 2024, will be used to improve healthcare for women, children, and adolescents, while also making the country more resilient to climate problems like floods and droughts through better dam safety and irrigation systems.
The funding is divided into three main projects. A large portion, $570 million, will go toward improving primary healthcare across the country. Another $500 million will be used to address issues in governance that prevent effective education and healthcare delivery. Additionally, $500 million will be dedicated to the Sustainable Power and Irrigation for Nigeria Project, which aims to make dams safer and improve water management for hydropower and irrigation in certain areas.
These projects, including the HOPE-GOV and HOPE-PHC initiatives, are focused on improving services in education and healthcare, which are vital for building Nigeria’s human capital. The funds will also help enhance water management, which is important in fighting the impacts of climate change.
