World Bank: Nigeria eyes $500m loan to tackle challenges in education, health sectors

Nigeria is set to secure a $500 million World Bank loan to address challenges in the country’s education and health sectors.

This was detailed in a recent “Program Information Document” for the appraisal stage of the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance Program.

The proposed loan, part of the HOPE Governance Program, aims to tackle long-standing staffing gaps and enhance the performance management of basic education teachers and primary healthcare workers.

The document indicates that the Washington-based bank may approve the loan in September 2024.

It also noted that the country would adopt National Identification Numbers (NIN) and Bank Verification Numbers (BVN) to combat payroll fraud.

“This results area will incentivize (i) the enhancement of sector and workforce planning functions, (ii) the reduction of significant staffing gaps and improved deployment and management practices for basic education and primary healthcare workers, and (iii) the adoption of new or existing systems such as the Central Bank of Nigeria’s Bank Verification Number (BVN) system and National Identification Number (NIN) platforms to check payroll fraud, implement biometric check-ins where available, enable community monitoring, performance bonuses, and automatic payroll deductions.”