World Bank Approves $500m Loan For Nigeria’s Sustainable Power, Irrigation Project
1 min read
The World Bank has approved a $500 million loan for Nigeria’s Sustainable Power and Irrigation for Nigeria (SPIN) project, aimed at mitigating climate change challenges.
The Regional Director of Sustainable Infrastructure Development for West and Central Africa at the World Bank, Chakib Jenane, disclosed this during a meeting with the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, in Abuja.
Jenane said the SPIN project, set to commence in January 2025, will enhance dam safety, improve water resource management, and expand irrigation services, benefiting around 950,000 individuals.
READ ALSO: Gov Fubara Threatens To Hold IGP Responsible If….
“The project is intended to tackle climate-related challenges such as floods and droughts,” Jenane said.
Utsev expressed appreciation for the World Bank’s support, assuring that the Nigerian government would allocate the required counterpart funding for the project’s successful execution.
“We are committed to achieving the project’s deadline of January 2025,” Utsev said.
The Minister of State for Water Resources and Sanitation, Dr. Bello Goronyo, also thanked the World Bank for endorsing the SPIN project, reaffirming the ministry’s commitment to ensuring its success.
