The World Bank Group has granted a loan of $500m to Nigeria to support women’s empowerment initiatives, according to sources. This loan marks the second approved by the World Bank under the leadership of President Bola Tinubu. The funds will be directed towards the Nigeria for Women Program Scale Up (NFWP-SU), an expansion of the existing program that was initially approved in 2018 with $100m in financing.
The objective of the NFWP-SU is to enhance economic opportunities for women, address gender inequality, improve education and healthcare outcomes for families, and build resilience to climate change. The World Bank emphasizes the need for the Nigerian government to tackle barriers that hinder women’s economic empowerment and impede inclusive, low-carbon, and resilient economic growth.
The Country Director for Nigeria at the World Bank, Shubham Chaudhuri, highlighted the positive outcomes achieved through the parent NFWP, which has facilitated economic opportunities for rural women through Women Affinity Groups. By expanding the program, Nigeria aims to bridge the gender gap in key economic sectors, which could yield substantial economic gains. Closing this gap is expected to have a positive impact on the country’s economy.
The NFWP has already been implemented in six states and has provided support to over 427,887 members of Women Affinity Groups. These groups have collectively saved approximately NGN 4 billion ($8.9 million) and have disbursed a significant portion of these funds as loans. Additionally, the program has benefited 835,573 community members through various interventions. The World Bank expects that the scale-up of the program will contribute to further progress in empowering women and promoting gender equality in Nigeria.
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