New Telegraph

December 7, 2023

World Bank Approves $500m Loan For Nigeria

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The World Bank has approved the sum of a $500m Federal Government loan request to help Nigeria drive women’s empowerment.

New Telegraph reports that this fresh loan became the second loan approved by the World Bank under the new administration of President Bola Ahmed Tinubu.

World Bank in a statement issued on Tuesday noted that it gave approval for the loan to scale up financing for Nigeria 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.”

However, the World Bank 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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