World Bank approves fresh $1.57 billion support fund for Nigeria 

The World Bank has approved three new loan requests totalling $1.57 billion loan to the Nigerian government.

In a statement on Monday morning, September 30, the Washington-based bank disclosed that the new funding will support Nigeria in addressing governance challenges in education and healthcare, improving primary healthcare services, and increasing resilience to climate change through enhanced dam safety and irrigation infrastructure.

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According to the World Bank, the approval of the loan was made last week on September 26, 2024. This financing package, including a $1.5 billion loan and a $70 million grant, is part of broader efforts to improve key sectors such as education, healthcare, and water management, while also tackling poverty and boosting productivity.

The development had further increased the country’s debt burden which stood at N121.67 trillion as of March 2024 according to the Debt Management Office.