World Bank approves $500m loan for Nigeria to empower women

The World Bank Group has approved a $500m loan for Nigeria to support the government’s efforts to improve the livelihoods of women in the country. This is the second loan that the World Bank has granted to the administration of President Bola Tinubu, who took office in May 2023.

The loan is a scale-up financing for the Nigeria for Women Programme (NFWP), which was launched in 2018 with an initial funding of $100m. The NFWP aims to increase women’s access to finance, skills, markets, and social protection, as well as to enhance their participation in decision-making and leadership roles.

According to the World Bank, the loan will help to ensure better economic opportunities for women, which is essential for addressing gender inequality, guaranteeing better education, health, and nutrition outcomes for families, and building women’s and communities’ resilience to climate change.

The World Bank also urged the Tinubu government to address the challenges that hinder women’s economic empowerment and inclusive, low-carbon, and resilient economic growth in Nigeria. These include legal and regulatory barriers, social norms and practices, infrastructure gaps, and institutional capacity constraints.

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