Economy
W/Bank approves $700m credit for water, sanitation, hygiene in Nigeria
The World Bank has approved a 700 million dollar credit for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation and Hygiene Programme (SURWASH).
It made the announcement in a statement on its website in Washington D. C. on Thursday.
According to the statement, the credit will provide six million people with basic drinking water services and 1.4 million people access to improved sanitation services.
It would also deliver improved Water Sanitation and Hygiene (WASH) services to 2,000 schools and Health Care Facilities and assist 500 communities to achieve open defecation free status.
These would be implemented as part of the Federal Government’s National Action Plan (NAP) for the revitalisation of Nigeria’s water supply, sanitation and hygiene sector.
“In 2019, approximately 60 million Nigerians were living without access to basic drinking water services, 80 million without access to improved sanitation facilities and 167 million without access to a basic handwashing facility.
“In rural areas, 39 per cent of households lack access to at least, basic water supply services, while only half have access to improved sanitation and almost a third (29 per cent) practice open defecation, a fraction that has marginally changed since 1990,” said the statement.
The bank, however, said in recent years, the Federal Government had strengthened its commitment toward improving access to WASH services, spurred on by the need for Nigeria’s WASH sector to catch up with its regional counterparts.
This, it said, led to the government declaring a state of emergency in 2018 and launching NAP aimed at ensuring universal access to sustainable and safely managed WASH services by 2030, commensurate with the Sustainable Development Goals (SDGs).
It also said the programme would support NAP which was a 13-year strategy prioritising action within three phases.
They are Emergency Plan, Recovery Plan and Revitalisation Strategy and also the Clean Nigeria; Use the Toilet Campaign which aims to have Nigeria free of open defecation by 2025.
Mr Shubham Chaudhuri, World Bank Country Director for Nigeria, said the programme’s centrality to the human capital agenda and its potential to influence key human capital outcomes could not be overemphasised.
He said this was because access to WASH was an important determinant of human capital outcomes, including early childhood survival, nutrition, health, learning and women’s empowerment, all of which in turn affected labour productivity and efficiency.
“Participating states will be able to improve access to safe water, sanitation and hygiene.
“This will help to keep more girls in school, create employment and reduce open defecation, while developing greater resilience to the impact of climate change and conflicts between different land and water users,” he said.
The SURWASH programme is performance based and participation is open to all states in Nigeria based on their commitment to specific reforms in the sector.
It would support the Federal Government to enact necessary policy reforms and usher incentives for state and local governments, service providers, technical assistance providers and community-based organisations to effectively deliver sustainable services in the sector.
The bank said it would also support a package of investments to expand access to and increase the use of WASH services in urban, small towns and rural areas.
“Specifically, the programme will support the development of infrastructure to improve water supply service delivery, sanitation and hygiene in institutions (schools and healthcare facilities) and public places such as markets, motor parks and others,” said the bank.
The News Agency of Nigeria (NAN) reports that the 700 million dollar credit is from the bank’s International Development Association (IDA).
It is a body which helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty and improve poor people’s lives. (NAN)
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.
As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.
Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).
The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.
The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.
The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.
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