.jpeg)
As per the official statement released on Monday, the approval aims to support the Federal Government in enhancing human capital by improving the health and well-being of women, children, and adolescents.
Additionally, the approved projects will contribute to building resilience against the adverse effects of climate change, including floods and droughts, through the improvement of dam safety and irrigation systems.
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 International lender announced a new financing package. It includes $500 million to address governance issues affecting education and healthcare delivery, $570 million for the Primary Healthcare Provision Strengthening Program, and $500 million 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 granted on September 26, 2024, underscores the World Bank’s dedication to enhancing Nigeria’s human capital and fostering resilience against climate-related challenges.
It also reveals that Nigeria has obtained a total of $6.52 billion in loans from the World Bank during President Bola Tinubu's administration, amidst rising concerns regarding the country’s external debt servicing costs.
Furthermore, the World Bank clarified that the HOPE-GOV Program aims to tackle fundamental governance deficiencies within governmental systems and procedures, significantly reducing maternal and under-five mortality rates, thereby benefiting 40 million individuals, particularly those in vulnerable groups.
The project, which will be executed by the Federal Ministry of Budget and Economic Planning, the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Education, is set to receive $500 million in International Development Association credit, along with an additional $70 million in grant funding from the Global Financing Facility for Women, Children, and Adolescents.
“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 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 Bretton Woods Institution has also confirmed that the SPIN project will enhance the delivery of new and upgraded irrigation and drainage services across 40,000 hectares, positively impacting approximately 950,000 individuals, including families, farmers, and livestock producers.
The project will be overseen and executed by the Federal Ministry of Water Resources and Sanitation.
“The SPIN Program will help Nigeria to protect citizens from floods and drought through enhanced dam safety and operations. The project will further support the provision of new and improved irrigation and drainage services over an area of 40,000 hectares.
“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.”
The World Bank Country Director for Nigeria, Dr. Ndiamé Diop, remarked that the approval highlights the Bank's dedication to tackling the intricate challenges encountered by Nigerians, especially women and girls, in obtaining quality services and enhancing governance frameworks that play a role in these matters.
“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 program 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 program,” he added.
The World Bank is anticipated to grant approval for an additional loan request amounting to $500 million by December 16, 2024, designated for the Rural Access and Agricultural Marketing Project – Scale Up initiative.
On June 13, the World Bank revealed the approval of two loan projects aimed at enhancing Nigeria’s economic stability and providing support to its vulnerable populations.
As stated by the bank, the total package of $2.25 billion includes the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and the $750 million Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.
To date, the international financial institution has disbursed $751.88 million of the $1.5 billion allocated for the Nigeria Reforms for Economic Stabilization to Enable Transformation.
In total, six loan projects have been sanctioned, covering areas such as power ($750 million), women empowerment ($500 million), girls' education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion), and resource mobilization reforms ($750 million).
According to the external debt stock report from the Debt Management Office, Nigeria's total debt to the World Bank stands at $15.59 billion as of March 31, 2024.