World Bank Approves $2.1 Billion for Nigerian to Fund Projects

June 28, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The World Bank Group on Thursday said it has approved the sum of  $2.1 billion in loans to help fund projects in Nigeria and enhance the government’s growth plan. 

According to a statement by the World Bank, the $2.1 billion fund is to cover seven projects which include:

  • State Fiscal Transparency, Accountability and Sustainability Project – $750 million
  • Fiscal Governance and Institutions Project – $125 million
  • Nigeria Erosion and Watershed Management Project – $400 million
  • Nigeria Electrification Project – $350 million
  • Accelerating Nutrition Results in Nigeria Project – $7 million
  • Nigeria Polio Eradication Support Project – $150 million
  • Nigeria for Women Project – $100 million

The projects approved by the International Development Association (IDA), the bank’s low-interest arm, would support Nigeria’s economic growth plan.

According to the World Bank, 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 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,” Benmessaoud added.

 

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