The World Bank has approved a $1.08 billion concessional loan to bolster Nigeria’s education, nutrition, and economic resilience. This funding package is designed to support key sectors critical to the country’s development amid ongoing fiscal challenges.
The loan comprises $500 million for the Community Action for Resilience and Economic Stimulus Programme, $80 million for the Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and another $500 million for the HOPE-EDU initiative. These initiatives aim to enhance basic education, expand nutrition services for vulnerable groups, and provide much-needed economic relief.
The HOPE-EDU initiative will focus on improving access to quality education, particularly for out-of-school children and marginalized communities. ANRIN 2.0 is set to scale up nutrition interventions, targeting mothers and young children to reduce malnutrition rates across the country. The Community Action for Resilience and Economic Stimulus Programme will provide direct support to households and small businesses to cushion the effects of economic hardship.
World Bank’s Country Director for Nigeria, Ndiamé Diop, highlighted that investing in human capital is essential for unlocking Nigeria’s full potential. He reiterated the bank’s commitment to working closely with the Nigerian government to ensure effective implementation of these projects.
This latest financial intervention comes as Nigeria grapples with inflation, food insecurity, and an urgent need for economic diversification. Experts believe the strategic deployment of these funds could provide long-term benefits by strengthening the nation’s social infrastructure and improving overall economic stability.