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World Bank approves $2.1bn loan for Nigeria

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6 years ago

June 28, 2018

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The World Bank has approved a loan of $2.1bn for several projects in Nigeria, including power, climate change projects and also to boost fiscal transparency.

In a statement made available to National Daily 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.

A breakdown of the loan shows that State Fiscal Transparency, Accountability and Sustainability Project will get $750 million, Fiscal Governance and Institutions Project – $125 million, Nigeria Erosion and Watershed Management Project – $400 million.

Others are: Nigeria Electrification Project gets $350 million, Accelerating Nutrition Results in Nigeria Project – $7 million, Nigeria Polio Eradication Support Project – $150 million and Nigeria for Women Project – $100 million.

According to the Bretton Wood institution, more than half of the loan would be used to fund power, climate change projects and boost fiscal transparency. A $7 million grant was also approved for nutrition.

“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.”