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World Bank Pours $500 Million Into Nigeria – Here’s How Tinubu Plans To Use It

Published

2 months ago

Oct 4, 2024.

The administration of President Bola Ahmed Tinubu has secured a $500 million loan from the World Bank to implement the Sustainable Power and Irrigation for Nigeria (SPIN) initiative.

This project aims to address critical challenges posed by climate change.

Chakib Jenane, the World Bank’s Regional Director of Sustainable Infrastructure Development for West and Central Africa, announced the loan details during a meeting with Nigeria’s Minister of Water Resources and Sanitation, Prof. Joseph Utsev, in Abuja on Thursday.

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EKO HOT BLOG reports that Jenane revealed that the loan was approved by the World Bank’s Board during its September 26 meeting and that the project will commence in January 2025.

The SPIN project is designed to address climate-induced issues such as floods and droughts by improving dam safety, enhancing water resource management, and expanding irrigation services across the country. Jenane noted that the initiative will benefit around 950,000 people, including farmers and livestock producers.

He emphasized the importance of Nigeria continuing its preparations to meet the conditions required for the project’s successful implementation by the January 2025 deadline.

In addition to SPIN, the World Bank team provided updates on the nearing completion of the Transforming Irrigation Management in Nigeria (TRIMING) project.

They also discussed progress on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, urging the inclusion of more states in this initiative. Jenane recommended that the ministry establish a National WASH Fund, a critical component under Disbursement Linked Indicator (DLI) 1 of the SURWASH programme.

World Bank $500 Million Into Nigeria

In his response, Minister Utsev expressed gratitude to the World Bank for its ongoing support in Nigeria’s sustainable infrastructure and water resource management sectors. He assured that the Nigerian government would provide the necessary counterpart funding to ensure the successful execution of all World Bank-supported projects.

Minister Utsev also highlighted the importance of adhering to the TRIMING Project’s timeline, reiterating the ministry’s commitment to meeting the January 2025 deadline.

Dr. Bello Goronyo, the Minister of State for Water Resources and Sanitation, echoed this sentiment, expressing appreciation for the World Bank’s backing of the SPIN project and reaffirming the ministry’s commitment to ensuring its success through collaborative efforts.