The Federal Government of Nigeria is in talks with the World Bank to secure a $500 million loan aimed at enhancing basic education in the country. This initiative, known as HOPE for Quality Basic Education for All, focuses on improving learning outcomes and reducing the number of out-of-school children.
The project, expected to be formally approved by March 2025, seeks to address education challenges in Nigeria by promoting access to early childhood, primary, and junior secondary education.
The total cost of the operation is estimated at $554 million, with $500 million provided by the World Bank and the remaining $54 million sourced through a Global Partnership for Education (GPE) grant.
This loan aligns with Nigeria’s Universal Basic Education (UBE) framework and aims to reduce the current 17.1 million children aged 5 to 14 who are not attending school, with a focus on bridging the education gap between northern and southern regions of the country.
The project will be overseen by the Federal Ministry of Finance, along with the Federal Ministry of Education and the Universal Basic Education Commission (UBEC), to ensure successful implementation.
Funding will be utilized to enhance teaching quality through capacity-building programs, support community-based schools, and develop infrastructure. This loan forms part of Nigeria’s comprehensive Human Capital Development strategy, which aims to create a skilled workforce by 2030.
Furthermore, the HOPE-Education project is one of three interconnected initiatives, including HOPE-Governance (HOPE-GOV) and HOPE-Primary Health Care (HOPE-PHC), which also received significant funding from the World Bank in September 2024.
The potential approval of the HOPE-Education project in March 2025 marks the final phase of this three-in-one loan package, showcasing the government’s commitment to improving education and healthcare services in Nigeria.