The federal government is scheduled to receive a new loan from the World Bank for $1.5 billion.
According to the apex bank’s project list, the loan is scheduled to be authorised on September 26.
The $1.5 billion will be divided among three key development initiatives targeted at boosting Nigeria’s economic stability and resource mobilisation capacity.
These projects, which focus on critical sectors including healthcare, agriculture, and infrastructure, are critical to the country’s long-term development and economic stability.
A breakdown of the projects revealed that the World Bank will sanction $500 million for the first project, titled ‘Nigeria: Primary Healthcare Provision Strengthening Programme’.
The World Bank did not reveal the cost of the initial project.
Another $500 million will be granted for the ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project, which is estimated to cost $700 million.
The third project, ‘Sustainable Power and Irrigation for Nigeria,’ will also receive $500 million, but for $10.75 billion.
Source: TheCable