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Nigeria is currently in discussions with the World Bank for a $500 million loan to support its recently launched Health Sector Renewal Investment Initiative (HSRII).
The initiative, which aims to significantly improve health outcomes and reduce maternal and under-five mortality rates, is part of a broader effort to strengthen the Nigerian healthcare system.
According to a World Bank document, the loan will be part of the "Nigeria: Primary Healthcare Provision Strengthening Program," with an expected approval date of September 26, 2024.
The initiative also aims to enhance community-based service delivery and the capacity of primary healthcare facilities across the country, moving Nigeria closer to achieving universal health coverage.
The HSRII, launched in December 2023, is expected to receive a total of $570 million in financing, with $500 million from the World Bank and the remaining $70 million from trust funds.
This program is seen as a critical step in addressing Nigeria's long-standing issues of inadequate health financing and poor health outcomes.
President Bola Tinubu has emphasized the importance of the health sector in his administration's agenda, with plans for increased investments and funding allocations in the 2024 budget. Additionally, Dr. Muntaqa Umar Sadiq has been appointed as the National Coordinator for the initiative.
Nigeria's debt to the World Bank has been on the rise, with the country owing a total of $15.59 billion as of March 31, 2024.
Concerns over rising external debt servicing costs have also been noted, as Nigeria continues to secure loans for various projects under President Tinubu's administration.
