The World Bank has accepted three additional loan requests totaling $1.57 billion in finance for Nigeria, assisting the Federal Government in improving human capital through improved health for women, children, and adolescent
According to a statement released on Monday, 30 September, 2024 by World Bank Country Director for Nigeria, Mr Ndiamé Diop, the approved projects would also aid in strengthening resilience to the effects of climate change, such as floods and drought, by improving dam safety and irrigation.
The statement read, “The World Bank has today approved three operations for a total of $1.57bn 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.”
The World Bank emphasised that this new financing includes $500m for addressing governance issues that constrain education and health delivery, $570m for the Primary Healthcare Provision Strengthening Programme, and $500m for the Sustainable Power and Irrigation for Nigeria Project.
“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.
“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.
“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.
The approval, issued on September 26, 2024, demonstrates the World Bank's commitment to boosting Nigeria's human capital and increasing resilience in the face of climate risks.
It also shows that Nigeria has received a total of $6.52 billion in loans from the World Bank during the administration of President Bola Tinubu, despite worries about the country's mounting foreign debt servicing expenses.
Additionally, the World Bank noted that the HOPE-GOV Program will tackle fundamental governance feebleness in the systems and procedures of government to considerably reduce maternal and under-five mortality, benefiting 40 million people, especially vulnerable populations.
It stated that the project, which will be implemented by the Federal Ministries of Budget and Economic Planning, Health and Social Welfare, and Education, will receive $500 million in International Development Association credit and an additional $70 million in grant financing from the Global Financing Facility for Women, Children, and Adolescents.
The statement reads “The HOPE-GOV Program will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors. It will particularly focus on critical cross-cutting challenges and enabling factors related to both financial and human resource management in basic education and primary healthcare sectors. The Program will increase the availability and effectiveness of financing for basic education and primary healthcare service delivery, enhance transparency and accountability of financing and improve recruitment, deployment and performance management of basic education teachers and primary healthcare workers by federal, state, and local governments.
“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 utilization 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 statement explained further “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,”.
