In a significant development, the World Bank has granted Nigeria a new loan of $500 million to enhance the livelihoods of women in the country.
In an official statement, the World Bank announced the approval of $500 million for the Women Program Scale Up (NFWP-SU) in Nigeria.
This financial boost will further assist the Nigerian government in investing in the betterment of women’s lives.
The NFWP-SU aims to provide improved economic opportunities for women, which are crucial for addressing gender inequality. It will ensure better outcomes in education, health, and nutrition for families, as well as enhance the resilience of women and communities in the face of climate change.
The World Bank emphasizes that empowering women is vital for their ability to build resilience against climate change. By empowering women and enabling them to accumulate assets, they can effectively respond to the needs of their families and mitigate risks associated with climate-related shocks. Additionally, reducing gender disparities in earnings is essential for the Nigerian economy to thrive.
Shubham Chaudhuri, the World Bank Country Director for Nigeria, expressed optimism about the impact of the loan, stating that closing the gender gap in key economic sectors could yield significant gains for Nigeria, ranging from $9.3 billion to $22.9 billion.
Chaudhuri also commended the positive outcomes achieved through the parent NFWP, particularly in creating economic opportunities for rural women through Women Affinity Groups.
The NFWP’s model has played a crucial role in improving livelihood opportunities for women, fostering their ability to adapt to climate change, and involving them in local governance for community empowerment.
Michael Ilesanmi, the Task Team Leader for Nigeria for Women Project, highlighted the program’s objectives, emphasizing its aim to mobilize impoverished and vulnerable women by connecting them to various institutions, markets, and financial/non-financial services.
Through participation in Women Affinity Groups, project beneficiaries develop social capital that can be utilized to access financial, political, and economic resources, ultimately leading to social and economic empowerment.
The statement further disclosed that the NFWP has already been successfully implemented in six states, providing support to over 427,887 members of Women Affinity Groups.
These groups, totaling 20,506 in number, have collectively saved approximately NGN 4 billion ($8.9 million equivalent) over a period of two years.
A significant percentage of these funds remain in circulation as loans at any given time. To date, the NFWP has positively impacted the lives of 835,573 community members through various interventions.