The Federal Government of Nigeria is in discussions with the World Bank to secure a $500 million loan aimed at enhancing basic education across the country.

This initiative is part of the World Bank's HOPE for Quality Basic Education for All program, which seeks to improve learning outcomes and tackle the issue of out-of-school children.

According to a Programme Information Document, the project is expected to receive formal approval by March 2025 and represents an effort to reform Nigeria's struggling education sector.

The total cost of the operation is estimated at $554 million, with the World Bank providing $500 million and the remaining $54 million sourced from a Global Partnership for Education grant.

The document outlines that the HOPE-Education operation will be financed through a World Bank IDA credit and will involve collaboration with UNICEF, which will manage part of the grant.

Nigeria currently faces critical educational challenges, with approximately 17.1 million children aged 5-14 out of school. The initiative aims to address enrollment disparities, particularly in northern regions where access to education lags behind southern counterparts.

Implementation will be led by the Federal Ministry of Finance in partnership with the Federal Ministry of Education and the Universal Basic Education Commission.

The loan will primarily focus on improving teaching quality through training, supporting community-based schools, and enhancing management and infrastructure.

The overall goal of the program is to boost foundational literacy and numeracy skills among children while integrating data systems for monitoring progress. Additionally, it seeks to incentivize states with performance-linked grants to tackle local educational challenges.