The World Bank has approved a $500 million loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) project aimed at reducing climate-induced challenges.
World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, Mr Chakib Jenane, made this known during a visit to the minister of Water Resources and Sanitation, Prof. Joseph Utsev, at his office in Abuja.
According to Jenane, the SPIN project was approved during the World Bank’s Board meeting on September 26, and is scheduled to begin in January 2025.
He said 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 and would benefit approximately 950,000 people, including farmers and livestock breeders.
Jenane reiterated the need for Nigeria to continue preparations to meet the remaining conditions in order for the project to be effective by the January 2025 target date.
The Minister expressed appreciation to the bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management.
He assured that the Nigerian government would provide the necessary counterpart funding to ensure the successful implementation of all World Bank-backed projects.
Utsev also emphasised the importance of completing the TRIMING Project on schedule, and reaffirmed the ministry’s commitment to meeting the project’s January 2025 deadline.
Also speaking, Dr Bello Goronyo, the Minister of State for Water Resources and Sanitation, thanked the bank for its approval of the SPIN project and also reiterated the ministry’s commitment to ensuring success of the project through collaborative efforts.