Nigeria gets new $500m World Bank loan

Nigeria gets new $500m World Bank loan

The World Bank has approved a 500 million dollar loan to support the Sustainable Power and Irrigation for Nigeria, SPIN, project aimed at reducing climate-induced challenges.

Chakib Jenane, World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, announced this during a visit to Water Resources and Sanitation Minister in Abuja on Thursday.

Mr Jenane said that the SPIN project was approved during the World Bank’s Board meeting on Sept. 26, adding that it was scheduled to begin in January 2025.

According to him, 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.

The World Bank director said that the project would benefit approximately 950,000 people, including farmers and livestock breeders.

Jenane emphasised the need for Nigeria to continue preparations to meet the remaining conditions in order for the project to be effective by the Jan. 2025 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, 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 necessary 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 project’s Jan. 2025 deadline.

Also speaking, Dr Bello Goronyo, the Minister of State for Water Resources and Sanitation, thanked the bank for its approval of the SPIN project.

Goronyo also reiterated the ministry’s commitment to ensuring success of the project through collaborative efforts.

SPIN also mulls developing a master plan for hydropower generation, with a focus on boosting energy production through public-private partnerships.

 

Nigeria gets new $500m World Bank loan
NAN