The World Bank has approved a $1.57 billion lifeline for Nigeria in support of its health and education sectors and help provide sustainable power.
The Bretton Woods institution disclosed this in a statement on Monday.
It explained that the financing was meant to strengthen human capital and build resilience to climate-related challenges like floods and droughts.
The financing includes $500 million for the Health and Education Governance Program (HOPE-GOV), $570 million for the Primary Healthcare Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).
The projects are designed to address critical issues in healthcare, education, and infrastructure, improving services that are pivotal for human capital development.
“The World Bank has today approved three operations for a total of $1.57 billion to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.
“In support of the government’s newly launched reforms in the health sector, under the Health Sector Renewal Investment Initiative, the HOPE-PHC project will improve the quality and utilisation of core reproductive, maternal, newborn, child, and adolescent health and nutrition services to substantially reduce maternal and under five mortality and to improve the resilience of the health system benefiting 40 million people, especially vulnerable populations.
“The project is financed by a concessional $500 million International Development Association credit and an additional $70 million in grant financing from the Global Financing Facility for Women, Children and Adolescents.
“The GFF support includes $11 million from the UK Foreign, Commonwealth & Development Office and $12.5 million from the Children’s Investment Foundation Fund through joint financing with the GFF to help close the financing gap for primary and community healthcare and maternal newborn care at hospital-level, while also supporting government efforts to ensure sustainable financing for family planning commodities,” the statement explained.
The bank also said the Sustainable Power and Irrigation in Nigeria (SPIN) project will help Nigeria safeguard its citizens from climate shocks by enhancing the safety and operations of dams, while also boosting agricultural productivity through improved irrigation services over 40,000 hectares of land.
The project is expected to benefit nearly 950,000 people, including households, farmers, and livestock breeders, through more reliable and efficient water management.
It will be supervised and implemented by the Federal Ministry of Water Resources and Sanitation.
“This will help up to 950,000 people, including households, farmers, and livestock breeders, to directly benefit from more reliable, climate-resilient, and efficient irrigation, water supply and increased agricultural productivity through improved irrigation water management.
“Through the SPIN project, the government will develop a master plan for hydropower and a structured public-private partnership transaction for a hydropower project,” it added.
The statement quoted the bank’s country director for Nigeria, Dr. Ndiamé Diop, as saying: “Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty among the most vulnerable.
“This new financing for human capital and primary healthcare will address the complex difficulties faced by Nigerians, particularly women and girls, around access to and quality of services. The SPIN program is timely, protecting citizens from floods and droughts while increasing hydropower generation, with a significant positive impact on people’s livelihoods.”
Commenting, the World Bank Country Director for Nigeria, Dr Ndiamé Diop, stated that the approval underscores the Bank’s commitment to addressing the complex challenges faced by Nigerians, particularly women and girls, in accessing quality services and improving governance structures that contribute to these issues.
“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings while reducing poverty of the most vulnerable.
This new financing for human capital and primary healthcare will help to address the complex difficulties faced by Nigerians, especially women and girls, around access and quality of services, but also the governance arrangements that explain these difficulties.
“The SPIN programme is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented while enabling an increase in hydropower generation. The direct positive impact of this project on people and livelihoods is enormous. The World Bank is pleased to work with the government and other stakeholders to deliver this programme,” he added.
