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The Federal Government is seeking fresh financing of $1.5bn from the World Bank to support climate resilience, social protection and early childhood development initiatives across the country.
The proposed funding is divided into three separate $500m facilities, with each loan targeting a specific area of national development.
One of the facilities is expected to provide additional funding for the Agro-Climatic Resilience in Semi-Arid Landscapes programme, supporting projects focused on flood and erosion control, watershed restoration, irrigation and reforestation.
Another proposed facility will strengthen social protection programmes aimed at assisting vulnerable households, while the third is expected to support efforts to improve early childhood development.
The new borrowing plan comes amid growing concerns over Nigeria’s rising public debt, with the government continuing to seek financing for key development programmes.
