The bank stated that the funding would enhance the availability and effectiveness of financing for basic education and primary healthcare service delivery.

On Monday, Reuters reported that the World Bank has approved a financing package of $1.57 billion for Nigeria as part of a new program aimed at supporting the country’s health and education sectors while also helping to provide sustainable power. The bank made this announcement on the same day.

As the largest lender to Nigeria, the World Bank had more than $15 billion in loans outstanding at the end of March, according to data from the Debt Management Office.

In its statement, the World Bank indicated that the funding will enhance the availability and effectiveness of financing for basic education and primary healthcare services. The financing will be allocated as follows: $500 million to address governance issues that hinder the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Programme, and $500 million for the Sustainable Power and Irrigation for Nigeria Project.

Nigeria has one of the highest numbers of out-of-school children in the world, primarily due to insecurity, particularly in the northern regions where a prolonged insurgency and armed kidnapping gangs have caused significant disruption.

The World Bank also noted that part of the funding will be directed toward improving dam safety to safeguard communities from floods. Nigeria frequently experiences flooding, with up to a million people affected this year after a dam in northeastern Borno State collapsed.

Authorities in Cameroon have begun releasing water from a large dam to prevent it from overflowing, raising concerns that more floods could impact Nigeria in the near future.