World Bank approves $500 million loan for the Nigerian For Women Program Scale Up (NFWP-SU) Initiative

According to a statement released by the World Bank on Monday, Nigeria has been given the go-ahead for a new loan from the World Bank Group worth $500 million.

The loan is part of a scale-up finance program for women, over which $100 million in financing was granted on June 27, 2018, to support Nigeria’s efforts to advance women’s empowerment, the announcement claims.

According to the World Bank, the $500 million Women Program Scale Up (NFWP-SU) is intended to help the Nigerian government invest in raising the standard of living for women in the country.

The NFWP-SU, according to the release, will support greater economic opportunities for women, which are crucial for tackling gender inequality, better family outcomes in terms of education, health, and nutrition, as well as increased climate change resilience among women and communities.

The World Bank urged the government to address obstacles that prevent women’s economic empowerment, inclusive and resilient economic growth by noting that women’s empowerment is crucial for enhancing household and community resilience to climate change.