Nigeria Set to Receive $1.7bn World Bank Loan

The Federal Government is poised to receive a fresh loan from the World Bank, with approval expected for loans worth $1.7 billion.

Daily Report Nigeria reports that the loan is expected to be approved on September 26, 2024.

It was learnt that the funds will be received via three major development projects aimed at enhancing Nigeria’s economic stability and resource mobilization capabilities.

The projects are the Nigeria: Primary Healthcare Provision Strengthening Programme, which is set to receive $500m, Nigeria Human Capital Opportunities for Prosperity and Equity Governance, which has proposed funding of $500m, and the Sustainable Power and Irrigation for Nigeria Project, which will receive the highest funding of $700m.

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Also, the negotiation stage, the final phase of the loan process, indicates that the request has successfully cleared the appraisal stage between Nigeria, represented by the Minister of Finance, and the World Bank.

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If approved, Nigeria will have secured a total of $3.95bn in loans from the bank this year alone and a cumulative $6.65bn under the administration of President Bola Tinubu.

Reports insisted that the proposed loan projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability.

The Nigeria Human Capital Opportunities for Prosperity and Equity, which will receive $500m, focuses on enhancing human capital by improving education, health, and social protection services.

According to the draft copy of the Environment and Social Systems Assessment prepared by the bank, the project is to improve quality and utilization of essential health care services and health system resilience in Nigeria.

Part of the document read:

“The proposed HOPE-Health provides a Sector-Wide Approach platform, leveraging significant additional resources to support a critical agenda.

“By aligning donor financing with the government’s resources, the proposed operation will foster convergence around a common set of results that are reflective of Nigeria’s disease burden.

“The Programme Development Objective is to improve quality and utilization of essential healthcare services and health system resilience in Nigeria.”