The World Bank has granted a significant financing package of $1.57 billion to Nigeria, aimed at bolstering the country’s health and education sectors and ensuring sustainable power supply. This funding underscores the World Bank’s role as Nigeria’s largest lender, with outstanding loans exceeding $15 billion as of March, according to data from the Debt Management Office.
In its announcement, the World Bank detailed that the new financing initiative will enhance the availability and effectiveness of funding for basic education and primary healthcare services. The allocation includes:
- $500 million dedicated to addressing governance challenges that hinder educational and health service delivery.
- $570 million earmarked for the Primary Healthcare Provision Strengthening Program.
- $500 million allocated for the Sustainable Power and Irrigation for Nigeria Project.
Nigeria grapples with a substantial number of out-of-school children, primarily due to insecurity, particularly in the northern regions plagued by a long-standing Islamist insurgency and rampant armed kidnappings.
In addition to education and health, the World Bank emphasized that part of the funding will also focus on enhancing dam safety to safeguard communities against flooding. The nation frequently experiences severe flooding, with recent incidents affecting up to a million people after a dam in northeastern Borno state failed.
Authorities anticipate further flooding challenges as Cameroon begins releasing water from a major dam to mitigate overflow risks. This proactive measure may exacerbate the situation in Nigeria, which is already vulnerable to seasonal floods.