The Federal Government of Nigeria is currently in talks with the World Bank for a $500 million loan aimed at enhancing basic education across the country.
The loan is part of the World Bank’s initiative, HOPE for Quality Basic Education for All, which seeks to improve learning outcomes and reduce the number of out-of-school children.
This project, expected to be formally approved by March 2025, is designed to address the major challenges in Nigeria’s education sector.
It will focus on expanding access to early childhood education, primary education, and junior secondary education, with a goal of reaching more underserved communities.
The total cost of the project is estimated at $554 million. Of this, $500 million will come from the World Bank’s International Development Association (IDA) credit, while an additional $54 million will be provided through a Global Partnership for Education (GPE) grant.
The PID further explains that the World Bank and UNICEF have been chosen as co-Grant Agents for the implementation of a larger $107.59 million System Transformation Grant (STG), aimed at transforming education systems in Nigeria.
