The federal government of Nigeria has received approval from the World Bank Group for a loan request of $500 million, aimed at promoting women's empowerment in the country. Under the new administration of President Bola Ahmed Tinubu, this marks the second loan approved by the World Bank.
The loan is specifically designated for scaling up the financing of the Nigeria for Women Programme (NFWP), which initially received $100 million in funding on June 27, 2018.
According to a statement issued by the World Bank, the $500 million loan is intended to enhance the government's efforts in improving the livelihoods of women in Nigeria. The NFWP-SU (Nigeria for Women Program Scale Up) will play a crucial role in providing women with better economic opportunities, addressing gender inequality, and ensuring improved education, health, and nutrition outcomes for families. Furthermore, it will also contribute to building resilience among women and communities in the face of climate change.
While approving the loan, the World Bank emphasized the importance for President Tinubu's government to tackle the obstacles that hinder women's economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.
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