The Federal Government is negotiating two new loans worth $580 million with the World Bank, which are expected to be approved by March 2025.
Details from the World Bank’s website reveal that the funding will support projects aimed at improving nutrition and education, with two initiatives already listed in the bank’s pipeline.
The two projects, Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education for All, are set to receive final approvals on March 27 and March 20, 2025, respectively.
The HOPE for Quality Basic Education for All program has a total commitment of $552.18 million, with $500 million coming from the World Bank and an additional $54 million sourced from other contributors.
The HOPE for Quality Basic Education for All initiative aims to address Nigeria’s education crisis, where over 17 million children are still out of school.
The program is expected to improve early childhood education, strengthen primary and junior secondary schooling, and expand access to learning resources.
The program will be implemented by the Federal Ministry of Finance in partnership with the Federal Ministry of Education and the Universal Basic Education Commission.
The project is still in the ‘Concept Review’ phase and requires additional consultations before it can be finalized.
The second loan, Accelerating Nutrition Results in Nigeria 2.0, is set to receive $80 million from the World Bank to tackle malnutrition and food insecurity in the country.
It was also noted that $232 million was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria project.
However, the initial loan encountered several challenges, resulting in adjustments, including the cancellation of part of the total approved amount.
The initial loan project faced several challenges, leading to adjustments, including the cancellation of part of the approved amount.
However, the Federal Government is now negotiating with the World Bank to secure an additional loan for the second phase of this project.
It was further observed that the approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria grapples with a high rate of stunting among children, the Accelerating Nutrition Results in Nigeria 2.0 project aims to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
The project will be carried out through primary healthcare facilities and community-based initiatives.
It will also feature interventions like nutrition-smart agriculture to strengthen household food security and promote dietary diversity.
