In a significant development, the World Bank Group has granted approval for a $500 million loan aimed at uplifting the livelihoods of women in Nigeria.
PulsNets Reports recalls that this marks the second loan sanctioned by the World Bank under the leadership of President Bola Tinubu.
Recently, the World Bank Group also greenlit a $750 million loan to bolster Nigeria’s power sector. The project, identified by the project ID P174622, received approval on June 9, 2023.
Furthermore, the bank highlighted that this fresh loan would facilitate the expansion of funding for the Nigeria for Women program. Initially endorsed on June 27, 2018, with $100 million in financing, the program has now been scaled up.
In a statement issued by the World Bank, it was expressed, “The World Bank has granted approval for $500 million for the Nigeria for Women Program Scale Up (NFWP-SU). This increased funding will further assist the Nigerian government in investing towards enhancing the livelihoods of women in the country.”
The NFWP-SU aims to ensure improved economic opportunities for women, which play a crucial role in addressing gender inequality. It will also contribute to achieving better outcomes in education, health, and nutrition for families, while fostering the resilience of women and communities in the face of climate change.
The Bank emphasized the necessity for the government to tackle obstacles that impede women’s economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.
Furthermore, the Bank acknowledged that women’s empowerment is crucial for their capacity to build resilience against climate change and consequently fortify the resilience of their households and communities.
Shubham Chaudhuri, the World Bank Country Director for Nigeria, stated, “We have witnessed promising outcomes from the original NFWP, which has generated economic opportunities for numerous rural women through the Women Affinity Groups.”
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Chaudhuri elaborated on how the NFWP model has been instrumental in improving livelihood prospects for women, enhancing their ability to adapt to climate change, and involving them in local governance to shape policies pertaining to community empowerment.
He added, “Closing the gender gap in key economic sectors could yield gains ranging from $9.3 billion to $22.9 billion, and we are optimistic that this scale-up will bring Nigeria closer to bridging this gap.”
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