The Federal Government is engaging the World Bank for two fresh loans totalling $580m, which are expected to be approved in March 2025, according to findings by The PUNCH.
Information obtained from the website of the World Bank on Wednesday showed that the funding is aimed at improving nutrition and education initiatives, with two projects currently listed in the bank’s pipeline.
The projects Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education for All are expected to receive final approvals on March 27 and March 20, 2025, respectively.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school. It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
