World Bank Approves A New $500 million Loan for FG.
The World Bank Group has approved a $500 million loan to Nigeria to support women’s empowerment efforts. This funding is part of the Nigeria for Women Program Scale-Up (NFWP-SU) and marks the second loan approved by the World Bank under the leadership of President Bola Tinubu. The NFWP-SU aims to improve economic opportunities for women, address gender inequality, enhance education and health outcomes for families, and strengthen women’s resilience to climate change.
The World Bank emphasizes the importance of addressing barriers to women’s economic empowerment and promoting inclusive, low-carbon, and resilient economic growth. Women’s empowerment is seen as crucial for building resilience to climate change and improving the resilience of households and communities.
The Country Director for Nigeria at the World Bank, Shubham Chaudhuri, highlights the positive outcomes achieved through the initial NFWP, such as creating economic opportunities for rural women through Women Affinity Groups. Closing the gender gap in key economic sectors could result in significant economic gains for Nigeria. The World Bank expects that the scale-up of the program will help bridge this gap and bring Nigeria closer to achieving gender equality.
The Nigeria for Women Program has been implemented in six states, benefiting over 427,887 members of Women Affinity Groups. These groups have saved approximately NGN 4 billion ($8.9 million) and provide loans to community members. The program has reached a total of 835,573 individuals through various interventions.
Overall, the loan from the World Bank aims to support Nigeria in advancing women’s economic empowerment, improving livelihoods, and promoting gender equality.