The Federal Government of Nigeria is in discussions with the World Bank for a $500 million loan aimed at improving basic education. This initiative, part of the World Bank’s HOPE for Quality Basic Education for All program, is poised to address the critical challenge of 17.1 million children aged 5 to 14 who are currently out of school.
The Programme Information Document (PID), obtained by Nairametrics, outlines the project’s overarching goal: to enhance learning outcomes and expand access to early childhood, primary, and junior secondary education. The loan is expected to receive formal approval by March 2025, marking a significant step toward reshaping Nigeria’s educational landscape.
The total cost of the initiative is projected at $554 million, with the World Bank contributing $500 million and an additional $54 million sourced from a Global Partnership for Education (GPE) grant. The PID details: “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.”
This project aligns with Nigeria’s Universal Basic Education (UBE) framework, which seeks to eliminate regional disparities and promote equitable access to education. Special emphasis will be placed on addressing the educational gap between northern and southern regions, where enrolment rates in the north remain alarmingly low.
Oversight of the project will be managed by the Federal Ministry of Finance, in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission (UBEC). The funding will be directed toward improving teaching quality through capacity-building initiatives, granting support to community-based schools, and enhancing educational infrastructure.
This loan forms part of Nigeria’s broader Human Capital Development strategy, aimed at cultivating a skilled workforce by 2030. Complementary programs, such as the National Home-Grown School Feeding Programme, will further alleviate financial burdens on families and encourage school enrollment.
The HOPE-Education project is one component of a more extensive framework that includes two other initiatives: HOPE-Governance (HOPE-GOV), which targets educational and healthcare financing management, and HOPE-Primary Health Care (HOPE-PHC), aimed at enhancing healthcare service quality. On September 26, 2024, the World Bank approved $500 million for HOPE-GOV and $570 million for HOPE-PHC, setting the stage for HOPE-Education’s approval by March 20, 2025.
Under President Bola Tinubu’s administration, Nigeria has secured $6.45 billion in World Bank loans over the past 16 months, encompassing a range of projects including $750 million for the power sector and $700 million for girls’ education.
During a recent launch of the Nigeria Development Update report in Abuja, Dr. Ndiame Diop, the World Bank’s Country Director for Nigeria, reaffirmed the institution’s commitment to supporting Nigeria’s reform agenda, stating, “The World Bank remains willing to provide more loans and technical assistance to Nigeria’s federal and state governments.”
As of March 31, 2024, Nigeria owed the World Bank $15.59 billion, positioning it as the third-largest borrower from the World Bank’s International Development Association (IDA) as of June 30, 2024. This substantial borrowing increase reflects Nigeria’s escalating financial engagement with the World Bank to address pressing developmental challenges.
