WB gifts Nigeria $1.08bn to boost education, nutrition, economic flexibility for vulnerable households
The World Bank has approved three operations in Nigeria, totaling $1.08 billion in concessional financing, to enhance education quality, build household and community resilience, as well as improve nutrition for vulnerable groups.
This comes as Nigeria and Japan launched a strategic venture capital initiative that would channel naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.
Also, the federal government and the United Nations Industrial Development Organisation (UNIDO), on Wednesday signed a $175 million Programme for Country Partnership (PCP) agreement to aid industrial development, create jobs and drive economic transformation.
The Senate on Wednesday said the Repeal and Reenactment of the Investment and Securities Act (ISA) 2025 has set the stage for the $1 trillion economy proposed by the administration of President Bola Tinubu.
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, who also sponsored the bill for the enactment of the ISA, said this in an interview with journalists in Abuja.
For the ISA, Tinubu had said during his 2023 presidential campaign that he was aiming at a $1 trillion GDP for the country by 2030.
The World Bank said the approved facility included $500 million in additional financing for the NIGERIA: Community Action for Resilience and Economic Stimulus (NG-CARES) Program; $80 million for Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500 million for Hope for Quality Basic Education for All (HOPE-EDU).
It noted that the NG-CARES Program will support the Nigerian government in expanding access to livelihood support, food security services, and grants for poor and vulnerable households and communities.
According to the Bretton Woods institution, financing for ANRIN aims to increase the utilisation of quality and cost-effective nutrition services for pregnant women and lactating mothers, adolescent girls, and children under five in select areas.
“The new financing for HOPE-EDU will focus on improving foundational learning, access to basic education, and strengthening education systems in the participating states,” the Bank said.
Initially designed to respond to the COVID-19 pandemic, the NG-CARES Program-for-Results (PforR) operation, which has reached over 15 million direct beneficiaries, has evolved into a shock-responsive platform providing multi-sectoral interventions for the poor and vulnerable.
Implemented at the subnational level across all 36 states and the Federal Capital Territory, the programme stimulates the local economy through social transfers, labour-intensive public works, livelihood grants, basic community services, agriculture and food security interventions, and support to micro and small enterprises.
“The additional financing will strengthen the program’s extensive reach and positive impact, underscoring the need for continued support in the face of economic hardships, including those from the 2023 fuel subsidy reforms and foreign exchange rate unification.
“Aligned with Nigeria’s National Development Plan (2021-2025), the Multisectoral Plan of Action for Food and Nutrition (2021-2025), and the Nutrition-774 initiative, ANRiN 2.0 offers an evidence-based, multi sectoral approach to combating malnutrition and food insecurity, focusing on maternal and child health, integrated nutrition services, and household food security.
“The program will increase utilisation of preventive and curative nutrition services, improve maternal and young child feeding practices and dietary diversity, increase access to micronutrient rich foods and provide essential nutritional support to vulnerable populations, mitigating the immediate risks of malnutrition and food insecurity.
“The initial ANRIN program reached over 13 million children under five with nutrition services between 2018 and 2024.
“HOPE-EDU is part of a series of three interrelated operations, alongside HOPE-Governance and HOPE-Primary Health Care.
“It aligns with the country’s Universal Basic Education program objectives and strategies. HOPE-EDU will support structured pedagogy approaches to foundational literacy and numeracy, create learning opportunities where school overcrowding impedes participation, and adopt decentralised allocation and management of Universal Basic Education Intervention Funds, school management, and system information.
The Program is expected to directly benefit 29 million children enrolled in public primary schools, 500,000 public primary teachers, and more than 65,000 public primary schools and their School-Based Management Committees.
“The Program will also receive co-financing in the amount of US$52.18 million from the Global Partnership for Education Fund,” the multilateral development institution stated.
Commenting on the approval, the World Bank Country Director for Nigeria, Dr. Ndiamé Diop said: “Investing in human capital is critical for Nigeria as it offers the best opportunity to unlock the enormous potential of Nigeria. These new set of programs will help Nigeria to accelerate education quality and support to vulnerable citizens.
“The HOPE-EDU program will enable better education outcomes by implementing bold reforms and making the right investments to equip the fast-growing young population with foundational skills and knowledge necessary for rapid and inclusive economic growth.
. “Nutrition interventions from ANRIN will enhance household access to micronutrient rich foods and nutrition services at primary healthcare level, improve dietary diversity, and provide essential nutritional support to vulnerable populations, mitigating the immediate risks of malnutrition and food insecurity.
“The NG-CARES additional financing will support the Nigerian government in transitioning from responding to and recovering from the COVID-19 crisis to building household and community resilience.”
