World Bank Approves $500m Loan For Nigeria
The World Bank has given the green light to a $500 million loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) initiative to mitigate challenges of climate conditions.
World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, Chakib Jenane, announced this during a visit to the Minister of Water Resources and Sanitation on Thursday in Abuja.
Jenane said the SPIN project was approved during the World Bank’s Board meeting on September 26, adding that it was scheduled to commence in January 2025.
He added that the project is designed to address climate-related issues, including floods and droughts, through enhanced dam safety, improved water resource management, and expanded irrigation services.
Janane stated that the project would benefit approximately 950,000 people, including farmers and livestock breeders, emphasising the need for Nigeria to continue preparations to meet the remaining conditions for the project to be effective by the target date.
The World Bank team also provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is nearing completion.
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The team also gave an update on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, and stressed the importance of involving more states in the initiative.
Jenane encouraged the ministry to explore the establishment of a National WASH Fund, a key objective under the SURWASH programme’s Disbursement Linked Indicator (DLI) 1.
The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, expressed his appreciation to the bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management.
He assured the delegation that the Nigerian government would provide the counterpart funding support to ensure the successful implementation of all World Bank-backed projects.
Utsev also emphasised the importance of completing the TRIMING Project on schedule and reaffirmed the ministry’s commitment to meeting the January 2025 deadline.
Minister of State for Water Resources and Sanitation, Dr Bello Goronyo also thanked the World Bank for its approval of the SPIN project, reiterating the ministry’s commitment to the project through collaborative efforts.