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
EFCC Arraigns Man Over Alleged N238.3m Fraud in Lagos
EFCC Uncovers Chinese-Operated Illegal Oil Refinery in Ogun, Recovers Diesel
Afreximbank, Benin Showcase Industrial Zone Turning Raw Cotton to Finished Garments for Global Brands
Alibaba Powers First Youth Olympic Games in Africa with Cloud, AI for Dakar 2026
Isoko Endorses Tinubu, Oborevwori for 2027, Confers Orhuerevwo, Ododo Titles on Governor, Wife
US Property Records Show Ex-Finance Minister Zainab Ahmed Acquired $765k Maryland Home 6 Months After Leaving Office — Report
Ondo Police Raid Fake Dollar Factory, Arrest Suspect, Recover Three Bags of Notes
OKOWA’S ACHIEVEMENTS AS DELTA GOVERNOR: EDUCATION, HEALTH, INFRASTRUCTURE, BY SIR CHURCHILL AJUSAH
Court Jails Lagos Couple 14 Years For N67.6m Property Fraud
2027: Keyamo Warns Nigerians Against Taking Up Arms to Protect Votes
NIN Fraud: NIMC Arrests Suspects, Seizes Enrolment Equipment.
Over 14m PVCs Uncollected As INEC Raises Alarm Ahead Of 2027 Elections
Javits Frimpong Death Sparks Debate Among Immigrant Parents On Bullying In US
Regina Daniels: Ned Nwoko Threatens Legal Action as Fake Death Reports Spark Outrage
Abia: Otti Vows to End Celebration of Persons With Questionable Wealth
