The World Bank Group has approved a fresh $500 million load for Nigeria.
Daily Report Nigeria reports that the approval follows a loan request of $500m by the Federal Government aimed at helping Nigeria drive women’s empowerment.
The newly approved loan becomes the second loan approved by the World Bank for Nigeria under the administration of President Bola Tinubu.
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The World Bank in a statement said it gave the approval for the loan to scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with a $100m financing.
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The World Bank further stressed the need for the Nigerian government to address issues that inhibit women’s economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.
The statement by the World Bank reads in part;
“The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.
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“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”
