Nigeria has secured a total of $1.95 billion in loans from the World Bank between June and September 2023, since President Bola Tinubu assumed office on May 29, 2023.
The loans were granted for various projects, including education, power, and women’s empowerment.
The most recent loan of $700 million was granted to boost adolescent girls’ learning and empowerment under the Adolescent Girls Initiative for Learning and Empowerment program in some targeted states.
The program aimed to increase the number of secondary school girls from 900,000 to 1.6 million by scaling up project activities from the current seven states to eleven additional states and increasing the targeted beneficiaries to include out-of-school girls, those who were married, and those who have disabilities.
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The World Bank also approved a loan of $750 million for Nigeria under President Tinubu’s government to boost the country’s power sector through the Power Sector Recovery Performance-Based Operation.
The loan was financed by the International Bank for Reconstruction and Development, which would provide $449 million, and the International Development Association would provide $301 million.
Also, Nigeria has secured a loan of $500 million for women empowerment programs under President Tinubu’s administration.
The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.
