World Bank grants fresh $700m loan to Nigeria

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By Cyrus Ademola

The World Bank has approved a new $700 million loan to bolster education and empowerment initiatives for adolescent girls in Nigeria. 

The information was revealed in a statement that was posted on its website last Friday. 

The fresh loan aims to offer extra financial resources to support the ongoing initiative named the Adolescent Girls Initiative for Learning and Empowerment. 

The statement reads, 

• “The World Bank approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states. 

• “The additional financing will scale up project activities from the current seven states to eleven additional states and increase the targeted beneficiaries to include out-of-school girls, those who are married, and those who have disabilities.” 

Out-of-school children Crisis 

Revealing further, It was noted that Nigeria is struggling with a substantial number of out-of-school children, with estimates ranging from 12 million to 15 million in the school-age group. Many of these children are concentrated in Northern Nigeria. 

 It was also noted that an estimated one million children were affected by increased insecurity around schools in 2020-2021. 

 The statement added, “In the seven AGILE programme implementing states – Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi, and Plateau – the number of girls in secondary schools has increased from about 900,000 to over 1.6 million. 

• “Under the programme, over 5,000 classrooms have been renovated and over 250,000 eligible girls have received scholarships. 

• “The AGILE programme has supported the construction and rehabilitation of WASH facilities in secondary schools and the installation of computers and solar panels which make attending school more convenient and conducive for both girls and boys. Life skills, systems strengthening, and advocacy are other key aspects of the program which address social norms impeding girls’ education.” 

What you should know

Furthermore, the World Bank Country Director for Nigeria, Shubham Chaudhuri, stated that “Closing the gender gaps in economic empowerment by ensuring girls have access to education and skills is key for Nigeria’s development and economic prosperity.  

• “Nigeria’s working population will soon be one of the youngest and largest around the world, which means that investing in adolescent girls is imperative when addressing overall economic prospects and growth.” 

The statement also highlighted that the financing would not only benefit girls but also extend its impact to more than 15 million students and other beneficiaries, encompassing teachers, administrators, families, communities, and staff within both existing and newly established schools. 

The statement highlighted that the financing would not only benefit girls but also extend its impact to more than 15 million students and other beneficiaries, encompassing teachers, administrators, families, communities, and staff within both existing and newly established schools. 

According to the statement, the newly established fund will extend the project’s coverage to 18 states, with the goal of enhancing education and healthcare outcomes for girls in Nigeria. 

More insights 

It is worth noting that this was the third loan facility approved under the administration of Bola Tinubu. 

The first was approved on June 9, 2023, with a loan of $750m to boost Nigeria’s power sector. 

The second was a loan of $500m to help Nigeria drive women’s empowerment and was approved on June 22, 2023. 

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