LAGOS, Nigeria – The World Bank has approved a $1.57 billion financing package for Nigeria as part of a new program to support its health and education sectors and help provide sustainable power, the bank said on Monday.
The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.
The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery. “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,” the bank said.