Breaking : World Bank Grants Nigerian Women $500 million Loan
To help women in Nigeria, the World Bank Group has approved a loan of $500 million. Remember that if the World Bank were to approve this loan, it would be President Bola Tinubu’s second such loan.
The World Bank Group approved a $750,000,000 loan on June 9, 2023, for the purpose of improving Nigeria’s power sector; this loan is part of project ID P174622.
While the initial $100 million in funding for the Nigeria for Women programme was approved on June 27, 2018, the bank noted that the new loan would help scale up financing for the initiative.
The World Bank said as much in a statement, which read in part, “The World Bank has approved $500million for Nigeria for Women Program Scale Up (NFWP-SU). The increased funding will help the Nigerian government do more to help women in their country’s workforce.
Building women’s and communities’ resilience to climate change, improving women’s economic opportunities, and ending gender inequality are all goals that can be achieved with the help of the NFWP-SU.
The Bank went on to say that if the government wants to see inclusive, low-carbon, and resilient economic growth, it needs to address the issues that prevent women from becoming economically independent.
It was pointed out that women’s empowerment is crucial to the resilience of both households and communities in the face of climate change.
According to Shubham Chaudhuri, World Bank Country Director for Nigeria, “we have seen promising outcomes from the parent NFWP which has helped to create economic opportunities for thousands of rural women through the Women Affinity Groups.”
According to Chaudhuri, the NFWP model is empowering women by expanding their access to economic opportunities, preparing them to deal with the effects of climate change, and encouraging them to take part in decision-making at the local level.
“We are optimistic that this scale-up will help Nigeria to move closer to bridging the gender gap,” he added. “Closing the gender gap in key economic sectors could yield gains of between $9.3 billion and $22.9billion.”
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