April 20, 2024 4:21 am
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World Bank Grants $500m Loan to Propel Nigeria’s Women Empowerment Movement

The World Bank Group has approved a loan of $500m to drive women’s empowerment in Nigeria, marking the second loan approved by the organization under the leadership of President Bola Ahmed Tinubu. The loan serves as scale-up financing for Nigeria’s Women Programme, which initially received $100m in June 2018. The World Bank stated that the funding will contribute to improving the livelihoods of women in Nigeria, ensuring better economic opportunities, education, health, and nutrition outcomes, and enhancing resilience to climate change in women and communities.

Women’s economic empowerment and inclusive, low-carbon, and resilient economic growth are key factors that the government must address, according to the World Bank. Women’s empowerment is crucial to their ability to build resilience to climate change and, consequently, the resilience of their households and communities. Shubham Chaudhuri, the World Bank Country Director for Nigeria, expressed optimism about the loan’s impact in closing the gender gap, which could generate significant economic gains for Nigeria.

The Nigeria for Women Project (NFWP), which has already been implemented in six states, supports over 427,887 Women Affinity Groups (WAGs) and has provided assistance to 20,506 of these groups. These Women Affinity Groups have saved about NGN 4bn ($8.9m) in two years, with a substantial amount of these funds being circulated as loans. As a result, 835,573 community members have benefited from the NFWP through various interventions.

  1. The World Bank has approved a $500m loan to drive women’s empowerment in Nigeria.
  2. This is the second loan approved by the World Bank under President Bola Ahmed Tinubu.
  3. The loan serves as scale-up financing for Nigeria’s Women Programme.
  4. Prior to this, the Women Programme received $100m on June 27, 2018.
  5. The funding aims to improve the livelihoods of women in Nigeria.
  6. It will ensure better economic opportunities, education, health, and nutrition outcomes.
  7. The loan will also enhance resilience to climate change in women and communities.
  8. Addressing issues that hinder women’s economic empowerment is crucial.
  9. Empowering women is essential for building resilience to climate change.
  10. Closing the gender gap in economic sectors could generate significant gains for Nigeria.

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