The World Bank has approved a $1.57 billion loan for Nigeria, aimed at enhancing human capital and bolstering climate resilience.

This financing, announced on September 26, 2024, will support critical initiatives in healthcare, education, and water management, reflecting the Bank’s commitment to Nigeria’s development goals.

The funding will be distributed across three major projects: $570 million for the Primary Healthcare Provision Strengthening Programme, $500 million for governance reforms in education and health (HOPE-GOV), and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN). These initiatives are designed to improve service delivery in basic education and primary healthcare, which are essential for the country’s human capital development.

The SPIN project will specifically focus on enhancing dam safety and improving water resource management for hydropower and irrigation, addressing the impacts of climate change, including floods and droughts. This comprehensive support underscores the World Bank’s dedication to fostering sustainable growth and resilience in Nigeria.