The Nigerian government seeks a $500 million loan from the World Bank to enhance basic education and tackle school dropout rates
The Nigerian government is on the verge of securing a World Bank loan for basic education worth $500 million. This move is aimed at addressing the challenges in the country’s education sector, particularly the high number of out-of-school children, while improving overall learning outcomes.
According to the Programme Information Document (PID) for the project, this loan is part of the World Bank’s “HOPE for Quality Basic Education for All” initiative. The initiative is designed to tackle systemic issues in Nigeria’s education system and ensure more children receive quality education.
Set for formal approval by March 2025, this World Bank loan for basic education is crucial to Nigeria’s broader education reform efforts. The project is expected to total $554 million, with $500 million financed by the World Bank and an additional $54 million contributed by the Global Partnership for Education (GPE) grant.
“The HOPE-Education operation will be financed by a World Bank IDA credit of $500m and a GPE grant of $54m,” the document explains. Along with UNICEF, the World Bank will manage a System Transformation Grant of $107.59 million to oversee the program design, ensuring efficient implementation and monitoring.
By securing this World Bank loan for basic education, Nigeria aims to create lasting improvements in its education system, ensuring access to quality learning for all children.
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Nigeria is now World bank best customer. Thats why they are advising Nigerians to continue with evil policies of APC government and impoverishment of the masses.