The Federal Government is seeking a $500 million World Bank loan to improve basic education, aiming to boost learning and cut out-of-school numbers.
This is according to the Programme Information Document for the loan project.
Naira Metrics reports that the loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative, which aims to improve learning outcomes and address the challenges of out-of-school children.
Set for formal approval by March 2025, this project plays a key role in Nigeria’s education reform efforts.
The PID disclosed the total cost at $554m, with $500m funded by the World Bank and $54m from the Global Partnership for Education grant.
“The HOPE-Education operation will be financed by a World Bank IDA credit of $500m and a GPE grant of $54m.
The bank has been selected as one of two grant agents (along with UNICEF that will manage the other $54m) for implementing the System Transformation Grant of $107.59m; programme design, oversight, and TA for implementation support will be aligned across both agents,” the document read.
