The Federal Government of Nigeria is negotiating a $500 million loan from the World Bank to boost basic education, focusing on improving learning outcomes and reducing the number of out-of-school children.
According to the Programme Information Document (PID) seen by Nairametrics, the loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative.
The project, which is expected to receive formal approval by March 2025, aims to address Nigeria’s education challenges and enhance access to early childhood, primary, and junior secondary education.
The total cost of the operation is estimated at $554 million, with $500 million coming from the World Bank, while the remaining $54 million will be sourced through a Global Partnership for Education (GPE) grant.
The PID read: “The HOPE-Education operation will be financed by a World Bank IDA credit of US$500 million and a GPE grant of US$54 million. The Bank has been selected as one of two Grant Agents (along with UNICEF that will manage the other US$54 million) for the implementation of the System Transformation Grant (STG) of $107.59 million; program design, oversight and TA for implementation support will be aligned across both Agents.”
The initiative aligns with Nigeria’s Universal Basic Education (UBE) framework, targeting regional disparities and promoting equal access to education. It aims to reduce the staggering number of 17.1 million children aged 5 to 14 who are currently out of school.
According to the PID, special attention will be given to addressing the education gap between the northern and southern regions, where enrolment levels in the north are significantly lower.
The Federal Ministry of Finance, working alongside the Federal Ministry of Education and the Universal Basic Education Commission (UBEC), will oversee the implementation of the project.
The loan will be deployed to improve the quality of teaching through capacity-building initiatives, provide grants to community-based schools, and fund infrastructure development.
This loan is part of Nigeria’s broader Human Capital Development strategy, which aims to build a skilled and productive workforce by 2030. Complementary efforts such as the National Home-Grown School Feeding Programme will help reduce the financial burden on parents and encourage higher school enrolment.
(Nairametrics)
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