The World Bank has shared why it keeps giving loans to Nigeria.
Dr. Ndiamé Diop, the World Bank’s Country Director for Nigeria, talked about this during an event in Abuja. Experts from a group called Newslodge were also there.
Dr. Diop said Nigeria is important for the World Bank’s plans and projects.
Why More Loans?
When asked if the World Bank will keep lending to Nigeria, Dr. Diop said yes. He said Nigeria is a key friend to the World Bank.
“Yes. Nigeria is a very important friend of the World Bank. We provide help and money to them,” he said.
He explained that when the World Bank gives money, it also gives help on how to use it to make sure projects go well.
“We want to help countries not just with money but also with using that money in a way that makes a real difference. This way, everyone can achieve good results,” he added.
Dr. Diop emphasized that the World Bank is ready to keep lending to Nigeria, mentioning that many projects are planned for this year.
“These projects are mostly done by state governments, but also by the federal government. They cover things like health, education, rural roads, and making sure dams are safe. These projects are being prepared right now for Nigeria,” he mentioned.
Also, he said the World Bank wants to help Nigeria with its current money problems by supporting local small businesses, farmers, and women in communities to manage the high cost of living.
Important Information
Newslodge had reported that the World Bank approved three new projects for Nigeria, totaling $1.57 billion.
- The World Bank’s statement on Monday said that this money will help Nigeria with challenges in education and healthcare, improve basic health services, and make the country stronger against climate changes by making dams safer and improving irrigation systems.
- On September 26, 2024, the approval showed the World Bank’s promise to help Nigeria grow its human skills and stand strong against climate challenges.
- This loan, which includes $1.5 billion and a $70 million grant, aims to improve important areas like education, healthcare, and water systems while fighting poverty and increasing work productivity.
- The $1.57 billion will be used for three main projects. The first project, called HOPE-GOV, will get $500 million to make governance in education and health better.
This project aims to solve financial and workforce problems that have slowed down service delivery.
The goal is to make things open and fair and ensure that essential services like basic education and healthcare reach those who need them the most.