President Bola Ahmed Tinubu’s government has just secured a $500 million loan from the World Bank to facilitate the Sustainable Power and Irrigation for Nigeria (SPIN).
The initiative, aims to mitigate challenges arising from climate change.
The Regional Director of Sustainable Infrastructure Development for West and Central Africa at the World Bank, Chakib Jenane, disclosed the loan details during a Thursday meeting with Prof. Joseph Utsev, the Minister of Water Resources and Sanitation in Abuja.
Jenane indicated that the SPIN project received approval during the World Bank’s Board meeting held on September 26 and is set to commence in January 2025.
He explained that the project is intended to tackle climate-related challenges such as floods and droughts by enhancing dam safety, improving water resource management, and expanding irrigation services.
The World Bank director noted that the initiative will benefit around 950,000 individuals, including farmers and livestock producers.
Jenane underscored the importance of Nigeria continuing its preparations to fulfill the remaining conditions necessary for the project’s successful implementation by the January 2025 deadline.
Additionally, the World Bank team provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is approaching completion.
The team also reported on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, highlighting the necessity of involving additional states in this initiative.
Jenane urged the ministry to consider establishing a National WASH Fund, a critical goal under the Disbursement Linked Indicator (DLI) 1 of the SURWASH programme.
In his remark, Utsev expressed his appreciation to the bank for continuing to support Nigeria’s development, particularly in sustainable infrastructure and water resource management.
The Minister assured the delegation that the Nigerian government would allocate the required counterpart funding to guarantee the effective execution of all projects supported by the World Bank.
Utsev further highlighted the significance of adhering to the timeline for the TRIMING Project and reiterated the ministry’s dedication to achieving the project’s deadline of January 2025.
Additionally, the Minister of State for Water Resources and Sanitation, Dr. Bello Goronyo, expressed gratitude to the World Bank for its endorsement of the SPIN project.
Goronyo also reaffirmed the ministry’s commitment to ensuring the project’s success through cooperative
