By Habeeb Ibrahim
The Federal Government of Nigeria is in talks with the World Bank to secure an additional $500 million loan aimed at enhancing the country’s struggling basic education sector.
This development follows Nigeria’s increasing reliance on external financing, as its total debt owed to the World Bank has now reached $15.5 billion.
The loan, part of the World Bank’s “HOPE for Quality Basic Education for All” initiative, will focus on improving educational outcomes, particularly in early childhood, primary, and junior secondary education. Of the total $554 million cost of the project, $500 million will be provided by the World Bank, while the remaining $54 million will come from the Global Partnership for Education grant. The initiative is expected to receive formal approval by March 2025.
This funding is crucial as Nigeria grapples with a range of challenges in its education system, including the alarming number of out-of-school children, particularly in the northern regions of the country.
According to official statistics, 17.1 million children aged 5-14 are not attending school, an issue the government hopes to address through the HOPE initiative.
The loan will also focus on improving teacher training, school infrastructure, and the management of community-based schools. It aligns with the Universal Basic Education (UBE) framework and will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
Nigeria’s total borrowing from the World Bank has seen a sharp rise in recent years, with the country emerging as the third-largest debtor to the World Bank’s International Development Association (IDA). Data from the Debt Management Office revealed that as of March 31, 2024, Nigeria owed $15.59 billion to the institution, a debt that has grown by $2.2 billion under the administration of President Bola Tinubu.
Despite concerns about the country’s mounting debt, the World Bank has continued to express its willingness to support Nigeria through loans and technical assistance.
Dr. Ndiame Diop, the World Bank Country Director for Nigeria, emphasized that the bank remains committed to aiding the country’s ongoing reforms, noting that several projects are in the pipeline for financing this fiscal year.
The latest loan is part of Nigeria’s broader strategy to address human capital development, focusing on building a more educated workforce by 2030.
The project will also complement existing government interventions like the National Home-Grown School Feeding Programme, which aims to increase school attendance by alleviating financial pressures on families.
