As part of a new initiative to assist Nigeria’s health and education sectors and contribute to the country’s sustainable energy supply, the World Bank authorized a $1.57 billion loan package for the country on Monday.
he figures from the Debt Management Office, as of the end of March, showed that the World Bank remained Nigeria’s largest lender, having extended over $15 billion in loans.
According to a statement from the bank, the funds would contribute to improving the efficiency and accessibility of finance for the provision of primary healthcare and elementary education.
Laptops 1000“The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program, and $500 million for the Sustainable Power and Irrigation for Nigeria Project,” the lender stated.
Nigeria is among the nations with the highest rates of school dropouts, primarily as a result of insecurity, particularly in the north where armed kidnapping gangs and a protracted Islamist insurgency have wreaked havoc.
A portion of the funds, according to the World Bank, would be utilized to strengthen dam security to shield people from flooding.
Flooding is common in Nigeria; this year, a dam breach in the northeastern state of Borno affected as many as one million people.
After Cameroonian authorities began releasing water from a sizable dam to stop it from overflowing, more floods are predicted in Nigeria.
