World Bank Approves $1.57 Billion to Boost Nigeria's Health, Education, and Power Sectors

The World Bank has approved a $1.57 billion package to support Nigeria's health, education, and power sectors. This funding aims to address governance issues, improve primary healthcare, and enhance education availability. Part of the money is allocated to improve dam safety to mitigate flood risks exacerbated by Cameroon's recent dam water release.

The World Bank has greenlit a $1.57 billion financing package to bolster Nigeria's health, education, and power sectors, the institution announced on Monday. The World Bank holds the position of Nigeria's largest lender, with over $15 billion in loans at the close of March, according to the Debt Management Office.

A portion of this considerable funding—$500 million—will address governance issues that hinder education and healthcare service delivery. Additionally, $570 million is earmarked for the Primary Healthcare Provision Strengthening Program, and another $500 million will support the Sustainable Power and Irrigation for Nigeria Project.

Nigeria grapples with one of the highest numbers of out-of-school children, mainly due to insecurity in the north caused by an ongoing Islamist insurgency and frequent armed kidnappings. The World Bank revealed that some funds would also be used to enhance dam safety, a critical need given the frequent flooding incidents in Nigeria. This year's floods affected up to a million people, following a dam burst in Borno state. More flooding risks are expected due to water releases from a large dam in Cameroon.

(With inputs from agencies.)