BUSINESS
World Bank Approves Nigeria’s Loan Of $2.1bn
The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria.
Earlier this year, top executives from the bank toured some projects in the country.
TheCable reports, according to a statement released 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.
Meanwhile, the projects were approved by the International Development Association (IDA), the bank’s low-interest arm.
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.”
The approved projects are:
- 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
One Dead, Five Injured As Obedient/OK Rally For NDC Candidate Turns Violent In Asaba
NUJ: No Journalist Arrested Under Oborevwori, Names Him Media-Friendly Governor Of The Year
2027: ‘I Have Seen The Light’ — Okowa Dumps Atiku, Backs Tinubu In Port Harcourt
‘We’d Need Wheelbarrows to Buy Tomatoes’ – Tinubu Defends Economic Reforms
Court Jails 10 Men for Selling Substandard Diesel in Delta
Lagos Police Detain ASP Over Fatal Shooting of Young Girl in Ajegunle
Abia Police Arrest Uratta Attack Suspects, Rescue 10 Stolen Children, Recover 15 Guns
Justice Abba-Aji: US Banned Supreme Court Panel Over Imo Election That Made Uzodimma Governor
Delta Police Arrest 3 Suspected Cultists, Robbers in Agbarho, Oghara, Recover 6 Guns
Navy Rescues Bayelsa Commissioner, 6 Others After Boat Mishap; Police Officer Missing
2027 Election: Tinubu Approves Ibom Seaport After Eno Promises 2m Votes
NARD Threatens Nationwide Strike Over Bill Seeking Six-Month Jail Term for Doctors
2027: Okowa Appoints Ifeajika, Chiazor To Lead Media Team For Delta North Senate Race
Troops Arrest Notorious Terrorism Suspect in Kaduna, Target Dogo Gide’s Hideout
Two IDPs Hospitalised as Snakebites Surge Across Benue as SEMA Raises Alarm
