The Federal Government of Nigeria is actively pursuing a $500 million loan from the World Bank to significantly enhance its basic education system. The aim is to improve learning outcomes and reduce the number of out-of-school children.
According to a Programme Information Document (PID), the loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative. The project is expected to receive formal approval by March 2025 and is a cornerstone of Nigeria’s education reform efforts.
The total cost of the project is estimated at $554 million, with $500 million being provided by the World Bank and $54 million by the Global Partnership for Education (GPE) grant. The World Bank and UNICEF will jointly manage the implementation of a $107.59 million System Transformation Grant.
The document read: “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.”
