Nigeria Gets World Bank’s Approval For Fresh $500m Loan
Nigeria has received approval for a fresh loan of $500 million from the World Bank Group, a statement by the global lender disclosed on Monday.
According to the statement, the loan is a scale-up financing for Women Programme over which $100m financing was approved on June 27, 2018, to help Nigeria drive women’s empowerment.
The $500m Women Program Scale Up (NFWP-SU) is to further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria,” the global lender stated.
According to the statement, the NFWP-SU will help to ensure better economic opportunities for women essential for addressing gender inequality, guarantee better education, health, and nutrition outcomes for families as well as building women’s and communities’ resilience to climate change.
The World Bank noted that women’s empowerment is essential to building resilience to climate change as well as households and communities and therefore called on the government to address issues that hinder women’s economic empowerment, inclusive and resilient economic growth.
This is the second loan approved by the World Bank under the new President, Bola Tinubu, after a $750 million loan approved on June 9, 2023, to boost Nigeria’s power sector signaling a continuation of borrowing culture.
With this latest loan, Tinubu’s one-month-old administration has borrowed a total of $1.250 billion, the equivalent of N 892.95 billion when converted to local currency using the weighted average rate on the I & E window which is N714.36 per Dollar as of Wednesday, June 21, 2023. This is the rate used for government transactions and converting external debts to domestic debt.
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