Nigeria to Secure $500 Million Loan from World Bank 

According to the “Programme Information Document (PID)” for the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance Programme, the government is seeking a $500 million loan from the World Bank to invest in the country’s health and education sectors.

The principal goals for obtaining the loan include hiring additional people in the aforementioned sectors, deploying them, and improving the performance management of educators and primary healthcare personnel. The loan is scheduled to be granted by the World Bank on September 26, 2024.

There is a focus on fixing staffing challenges in the country’s educational system by improving recruitment processes and hiring the best candidates.

The Nigerian government requested a $500 million loan from the World Bank in July 2024 to improve dam safety and strengthen water resource management across the country as part of the Sustainable Power and Irrigation for Nigeria initiative.

Nigeria got a $500 million loan from the World Bank in May 2024 to address its electrical challenges, according to Reuters. The loan came before the government’s decision to raise electricity bills for the country’s largest power consumers the previous month.

The loan was intended to help improve the technical performance of distribution businesses, which had been trailing for several years.

Additionally, in June 2023, the World Bank approved a $500 million loan for the ‘Nigeria for Women Project.’ This particular loan led to some complications, concerning a threat to the life of Nigeria’s Women Affairs Minister, Uju Kennedy-Ohanenye.

PremiumTImes reported that the minister claimed that her life was “at stake” for refusing to sign the $500 million loan from the World Bank.

“Let me tell you, if I sign that loan today, I am entitled to five per cent of the money, but I refused to sign it. It is part of why the National Assembly and all of them are after me,” she stated.

“All the loans they collect, including World Bank loans, etc., are you aware that the same World Bank staff in Nigeria takes back 40 per cent and calls it consultation fees?” she also alleged.

However, a few days later, the minister retracted her allegation via a statement signed by her media aide, Musa Abdulrahaman.

“In response to your query, please note that World Bank staff do not receive 40 percent of project funds as “consultation fees,” nor are ministers entitled to five percent of project funds for signing loan agreements. Both assertions are unequivocally false,” said Mansir Nasir, a senior external affairs officer with the World Bank.