A loan of $500m has been approved by the World Bank for Nigeria.

This comes after the Federal Government had requested the loan to help Nigeria drive women’s empowerment.

In a statement released, the World bank stated that it gave approval for the loan to scale up financing for Nigeria Women Programme, which was initially approved on June 27, 2018, with $100m financing.

The statement in part reads; “The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria. The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”

This will be the second loan being approved by the World bank in the Tinubu administration.