Abuja, October 18, 2013 – The World Bank today, formally launched a project that would support Nigeria’s quest towards improving the quality of education using a results based financing model. This approach allows the disbursement of funds only when agreed results are achieved by the participating States.
The project aims to provide a catalyst for demonstrating this approach with a view to scaling this up. The project links financing to results achieved through better teacher deployment and school management. It aims to improve measurement of student learning in government primary and secondary schools in these states.
The $150 million Nigeria State Education Program Investment Project (SEPIP) will serve over two million children in the three participating States of Anambra, Bauchi and Ekiti by improving the quality of their schooling.
“Investing in people is an essential part of Nigeria’s strategy to reduce poverty and achieve steady economic growth,” said Marie-Francoise Marie-Nelly, World Bank Country Director for Nigeria, “I am delighted that we are supporting better schooling and earning prospects for millions of children and young people, while also cushioning some of the poorest families through a stronger social safety net system.”
The launch which took place in Abuja is financed by the World Bank’s International Development Association (IDA*), this credit and will support Nigeria’s socio-economic development in line with the Federal Government’s Transformation Agenda.
The three States covered by SEPIP aim to raise the quality of education by improving teacher availability in rural areas, standardization of State-level testing in English and Math; making technical and vocational education more relevant to the needs of employers and entrepreneurs; and strengthening school-level management and accountability.
“Rather than financing the educational system to keep it running, this education project shifts the focus to what the system is actually doing for children, by linking financing to the achievement of agreed results,” said Irajen Appasamy, World Bank Task Team Leader for the SEPIP project.
The project is designed to make a real difference in the lives of children so that their education and skills help them secure employment.
The credit is on standard International Development Association (IDA) terms, with a service charge of 0.75 percent. The credit’s period of maturity is 35 years, including a 10-year period of grace.