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World Bank Approves Fresh $1.57bn Support Fund For Nigeria

Published

2 years ago

September 30, 2024

664 Views

The World Bank has approved three operations for a total of $1.57bn to support the Federal Government in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change, such as floods and droughts through improving dam safety and irrigation.

The new financing includes $500m for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570m for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500m for the Sustainable Power and Irrigation for Nigeria Project (SPIN).

The HOPE-GOV and HOPE-PHC programs combined will support FG in improving service delivery in the basic education and primary healthcare sectors, which are critical to improving Nigeria’s human capital outcomes.

The SPIN project will support improving the safety of dams and the management of water resources for hydropower and irrigation in selected areas of Nigeria.

The HOPE-GOV Program will address underlying governance weaknesses in the systems and procedures of government in two key human development sectors.

It will particularly focus on critical cross-cutting challenges and enabling factors related to both financial and human resource management in basic education and primary healthcare sectors.

The Program will increase availability and effectiveness of financing for basic education and primary healthcare service delivery, enhance transparency and accountability of financing and improve recruitment, deployment and performance management of basic education teachers and primary healthcare workers by federal, state, and local governments.

In support of FG’s newly launched reforms in the health sector, the apex bank said under the Health Sector Renewal Investment Initiative, the HOPE-PHC project will improve the quality and utilisation of core reproductive, maternal, newborn, child, and adolescent health and nutrition services to substantially reduce maternal and under-five mortality and to improve the resilience of the health system— benefiting 40 million people, especially vulnerable populations.

The project is financed by a concessional $500m International Development Association (IDA) credit and an additional $70m in grant financing from the Global Financing Facility for Women, Children and Adolescents (GFF).

The GFF support includes $11m from the UK Foreign, Commonwealth & Development Office (FCDO) and $12.5m from the Children’s Investment Foundation Fund (CIFF) through joint financing with the GFF to help close the financing gap for primary and community healthcare and maternal newborn care at hospital-level, while also supporting government efforts to ensure sustainable financing for family planning commodities.

The SPIN Program will help Nigeria protect citizens from floods and drought through enhanced dam safety and operations.

The project will further support the provision of new and improved irrigation and drainage services over an area of 40,000 hectares.

This will help up to 950,000 people including households, farmers, and livestock breeders to directly benefit from more reliable, climate-resilient, and efficient irrigation, water supply and increased agricultural productivity through improved irrigation water management.

Through the SPIN project, the government will develop a master plan for hydropower and a structured public-private partnership transaction for a hydropower project.

“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable.

This new financing for human capital and primary healthcare will help to address the complex difficulties faced by Nigerians especially women and girls around access and quality of services, but also the governance arrangements that also explain these difficulties” said Dr. Ndiamé Diop, the World Bank Country Director for Nigeria.

“The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation.

The direct positive impact of this project on people and livelihoods is enormous, The World Bank is pleased to work with the government and other stakeholders to deliver this program,” Diop added.

Related Topics:Support Fund For Nigeria World Bank

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Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

8 hours ago

June 9, 2026

OCHEFA

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United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

11 hours ago

June 9, 2026

OCHEFA

19 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.