The World Bank Group has granted Nigeria a loan of $500 million to support the country’s efforts in driving women’s empowerment, according to sources.

This loan marks the second approval by the World Bank since the presidency of Bola Tinubu.

The financing is aimed at scaling up the Nigeria for Women Programme (NFWP-SU), which was initially approved in June 2018 with a financing of $100 million.

The NFWP-SU will focus on improving economic opportunities for women, addressing gender inequality, enhancing education and health outcomes, and building resilience to climate change for women and communities.

The World Bank emphasizes the importance of removing barriers to women’s economic empowerment and fostering inclusive, low-carbon, and resilient economic growth.

The loan is expected to contribute to bridging the gender gap in key economic sectors and promoting social and economic empowerment for Nigerian women.