Nigeria & other Countries to benefit from World Bank's $15bn grant
The World Bank has said it will spend 15 billion dollars from 2021 to 2023 to help Nigeria and other African countries strengthen their human capital.
Ghanem said that the objective of the plan was to enable Africa’s young people to grow up in optimal health and be equipped with the right skills to compete in the digitising global economy.
He said the rate explained the high mortality and stunting rates in the region, as well as inadequate student learning outcomes, with direct negative effects on economic productivity.
He said that the bank would give new grants and concessional finance for human capital projects in Africa totalling 15 billion dollars in fiscal years 2021-2023.
He said the World Bank would invest the funds strategically to unblock structural constraints to human capital development.
He said it would also target game-changing interventions that leverage technology and innovation and that prevent and reverse damage to human capital in fragile and conflict-affected countries.
“Preventing a child from fulfilling his or her potential is not only fundamentally unjust, but it also limits the growth potential of economies whose future workers are held back.
“GDP per worker in Sub-Saharan Africa could be 2.5 times higher if everyone were healthy and enjoyed a good education from pre-school to secondary school.
“The plan also aims at empowering women to prevent early marriage and pregnancy for adolescent girls.
“The adolescent fertility rate in Sub-Saharan Africa is 102 births per 1,000 girls which is three times as high as in South Asia.
“This not only damaging for girls and their children, but it also hurts economic growth,” said.
Students in Nigeria score 325 on a scale where 625 represents advanced attainment and 300 represents minimum attainment.
Factoring in what children actually learn in school, expected years of school is only 4.2 years after spending 8.2 years.