Nigeria secures $1.57 billion loan from World Bank to boost key sectors

The World Bank has approved a $1.57 billion financing package for Nigeria to enhance health and education sectors, climate resilience, and sustainable power initiatives.

The funding includes $500 million to address governance issues, $570 million for the Primary Healthcare Provision Strengthening Program, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.

Nigeria, which has the highest debt to the World Bank's International Development Association at $16.6 billion, faces significant challenges, including high numbers of out-of-school children due to insecurity and frequent flooding that impacts communities and infrastructure.