The World Bank has approved a $500 million loan to support Sustainable Power and Irrigation for Nigeria (SPIN) project aimed at reducing climate-induced challenges.
The World Bank’s Regional Director of Sustainable Infrastructure Development for West and Central Africa, Chakib Jenane, announced this during a visit to the Water Resources and Sanitation Minister in Abuja, on Thursday.
Jenane said the SPIN project was approved during the World Bank’s Board meeting on September 26, adding that it was scheduled to begin in January 2025.
According to him, the project is designed to address climate-related issues, including floods and droughts, through enhanced dam safety, improved water resource management, and expanded irrigation services.
The World Bank director stated that the project would benefit approximately 950,000 people, including farmers and livestock breeders.
Jenane emphasised the need for Nigeria to continue preparations to meet the remaining conditions in order for the project to be effective by the Jan. 2025 target date.
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