World Bank Approves $2.1 Billion Loan For Nigeria To Execute Major Projects

The World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.

World Bank Approves loan

According to a statement released in Abuja on Thursday, the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.

The projects were approved by the International Development Association (IDA), the bank’s low-interest arm.

According to the Bretton Woods institution, more than half of the loan would be used to fund power, climate change projects and boost fiscal transparency.

“The federal government of Nigeria’s economic recovery and growth plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars,” Rachid Benmessaoud, World Bank country director for Nigeria, said.

“The approved projects support the implementation of the government’s growth plan.

“The World Bank Group (WBG) has extended its country partnership strategy for Nigeria until June 30, 2019. During FY2018 and FY2019, the WBG support will focus on revenue diversification and mobilization, addressing the binding constraints for attracting private financing, and improving social services delivery for building the human capital needed for inclusive economic growth, in alignment with the economic recovery and growth plan.”

The approved programme of support in 2018 comprises the following projects: the State Fiscal Transparency, Accountability and Sustainability Project, which is expected to help increase efficiency in spending, strengthen revenue mobilization (of critical importance for the delivery of health, education, water and other services) and debt sustainability in participating states. The project will be financed through an International Development Association credit of $750m.

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