The World Bank on Wednesday said it had approved a total of $1.08 billion in concessional financing for Nigeria.
The bank explained that the loan is to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.
The loan, according to the World Bank, was initially designed to respond to the COVID-19 pandemic and is intended to help strengthen the bank’s extensive reach and impact in Nigeria in the face of economic hardships, especially following the government’s economic reforms in 2023.
The bank said $500 million would go towards an economic stimulus program with another $500 million for education, and the balance would be used to boost standards of nutrition in Nigeria.
