World Bank Approves Fresh $500m Loan For Tinubu’s FG

The World Bank Group has approved a new loan of $500m to help Nigeria drive women’s empowerment.

This became the second loan approved by the World Bank under the new President, Bola Tinubu.

The funds are allegedly scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with $100m financing.

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A statement by the World Bank read in part, “The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.

“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”

The World Bank stressed the need for the government to address issues that inhibit women’s economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.