October 3, 2023
World Bank Grants Fresh $500 Million Loan to Nigerian Government - Read More
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  • The fresh loan of $500m requested by the federal government headed by President Bola Tinubu has been approved
  • The World Bank Group approved the loan with the intention of supporting the government to invest in improving the livelihoods of women in Nigeria
  • According to reports, the $500m loan becomes the second loan the bank will approve for Tinubu’s government

The World Bank Group has approved the federal government’s loan request of $500m to help Nigeria drive women’s empowerment.

As reported by The Punch, this fresh loan became the second loan approved by the World Bank under the new administration of President Bola Ahmed Tinubu.

World Bank Grants Fresh 0 Million Loan to Nigerian Government - Read More
World Bank gives approval to FG’s fresh $500M loan request. Photo credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

Why did the World Bank approve the $500m loan

World Bank in a statement noted that it gave approval for the loan to scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with $100m financing.

A statement by the World Bank reads in part,

“The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.

“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”

The World Bank, however, stressed the need for Tinubu’s government to address issues that inhibit women’s economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.

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