The World Bank Group has approved a loan of $500 million to bolster women’s empowerment initiatives in Nigeria.
This development marks the second loan approved by the World Bank since Bola Tinubu assumed the presidency.
The loan will be utilized to scale up the financing for the Nigeria for Women Programme (NFWP), which initially received $100 million in funding on June 27, 2018.
The latest funding, known as the NFWP Scale Up (NFWP-SU), aims to further support the Nigerian government’s efforts to enhance the livelihoods of women across the nation.
A statement released by the World Bank underscored the significance of this financial injection.
“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change,” the statement read.
Recognizing the importance of women’s economic empowerment in fostering inclusive, low-carbon, and resilient economic growth, the World Bank emphasized the need for the Nigerian government to address barriers that hinder women’s progress.
By empowering women, not only can gender inequality be reduced, but it can also lead to improved education, health, and nutrition outcomes for families.
The World Bank further emphasized that women’s empowerment plays a pivotal role in enhancing resilience to climate change, both at an individual level and within households and communities. By investing in women’s economic opportunities, Nigeria can build a more robust foundation for addressing the challenges posed by climate change.
This loan approval reflects the World Bank’s commitment to supporting gender equality and women’s empowerment initiatives across the globe. Through strategic financing and collaboration with governments, the World Bank aims to create an environment where women can thrive, contributing to sustainable development and the overall well-being of societies.