The Tinubu administration has secured a $500 million loan from the World Bank for the Sustainable Power and Irrigation for Nigeria (SPIN) initiative, aimed at addressing challenges related to climate change.
This was disclosed by Chakib Jenane, the World Bank’s Regional Director for Sustainable Infrastructure Development for West and Central Africa, during a meeting in Abuja with Prof. Joseph Utsev, the Minister of Water Resources and Sanitation.
Jenane explained that the loan was approved by the World Bank Board on September 26, with the project set to launch in January 2025.
The SPIN initiative will focus on enhancing dam safety, improving water resource management, and expanding irrigation services to counter the impacts of floods and droughts.
The project is expected to benefit approximately 950,000 people, including farmers and livestock producers.
Jenane emphasized that Nigeria must complete preparations and meet remaining conditions to ensure the project’s successful launch. He also provided an update on the nearing completion of the Transforming Irrigation Management in Nigeria (TRIMING) project and the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, calling for additional states to be included in SURWASH. He suggested that the Ministry establish a National WASH Fund, aligning with the programme’s goals.
In response, Minister Utsev thanked the World Bank for its continued support and assured that Nigeria would allocate necessary counterpart funding for the successful execution of the projects.
He reiterated the importance of meeting the TRIMING Project’s deadline of January 2025 and highlighted the government’s commitment to ensuring the successful completion of all initiatives. Minister of State for Water Resources and Sanitation, Dr. Bello Goronyo, also expressed gratitude for the World Bank’s backing of the SPIN project, reaffirming the ministry’s dedication to its success.