A document on the international lender’s website states that in just 16 months, President Bola Ahmed Tinubu has borrowed $6.45 billion from the World Bank.
According to the report, the Federal Government received approval for no fewer than 36 loan requests from the World Bank, totalling an estimated $24.088 billion over the course of five years.
On September 26, the World Bank authorised a total of $1.57 billion for Nigeria to improve women’s, children’s, and adolescents’ health in order to fortify its human capital.
Improvements in irrigation and dam safety can assist to lessen the effects of climate change, including floods and droughts, in Nigeria.
According to a World Bank statement, the additional funding consisted of $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC), and $500 million for addressing governance issues that impede the delivery of health and education (HOPE-GOV).
According to the World Bank, the combined HOPE-GOV and HOPE-PHC programs should assist the Nigerian government in enhancing service delivery in the areas of basic healthcare and education, both of which are essential for enhancing the country’s human capital outcomes.
It stated, “In selected areas of Nigeria, the SPIN project will support improvement of dams’ safety and management of water resources for hydropower and irrigation.”
By improving dam safety and operations, the SPIN Program, on the other hand, will assist Nigeria in shielding its inhabitants from drought and flooding. Over 40,000 hectares, the project will additionally assist in the provision of new and enhanced drainage and irrigation services.
Up to 950,000 homes, farmers, and livestock breeders are anticipated to directly benefit from this, since it would enhance agricultural production through better irrigation water management and provide a more dependable, climate-resilient, and efficient water supply.
The government will create a master plan for the hydropower project and a structured public-private partnership transaction through the SPIN project.
“Investing effectively in Nigerians’ health and education now is essential to raising their future earning potential, productivity, and employment prospects while lowering the poverty of the most vulnerable. This new financing for human capital and primary healthcare will help to address the complex difficulties that Nigerians, particularly women and girls, face in terms of access and service quality, as well as the governance arrangements that contribute to these difficulties,” said Ndiamé Diop, World Bank country director for Nigeria.
World Bank Loans
According to a publication on the World Bank’s website, Nigeria has been eligible for credit extensions since 2020.
In 2020, it granted 15 loan proposals totaling $6.36 billion for a range of projects, including a $510 million initiative for rural access and agricultural commercialization. Among the others were the Nigeria Digital Identity for Development initiative, which cost $430 million, and the Nigeria COVID-19 response, which cost $750 million.
It gave Nigeria $3.2 billion in loans in 2021 for six projects. It awarded Nigeria $1.26 billion in 2022 for a package of six projects, including improvements to the business environment and livestock productivity.
The lender gave Nigeria $2.7 billion in 2023 to carry out a number of projects, including: $500 million for Nigeria for Women Program scale-up initiatives, $750 million for the Nigeria Distributed Access Through Renewable Energy scale-up project, and $750 million for the Nigeria-AF power sector recovery performance-based operation.
In 2024, the bank has already approved $3.82 billion for five projects, including a $70 million grant.
