Home Electricity World Bank approves $2.5bn loan for electricity, other projects in Nigeria

World Bank approves $2.5bn loan for electricity, other projects in Nigeria

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The World Bank has approved a $2.1bn loan for seven projects to support Nigeria’s access to electricity, states’ fiscal transparency and  polio eradication.

It said this in a statement issued in Washington D.C., adding that women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion, are part of the projects the funding would address.

The statement quoted Rachid Benmessaoud, the World Bank Country Director for Nigeria, as saying that the Federal Government’s Economic Recovery and Growth Plan (ERGP), identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.

“This vision for a healthy, educated, productive and resilient population must be complemented by credible governance in order to attract private sector participation and ensure sustainable growth.

“The approved projects support the implementation of the government’s growth plan”, he said.

According to the statement, the World Bank Group (WBG) is extending its Country Partnership Strategy for Nigeria until June 30, 2019.

“During Financial Year (FY), 2018 and 2019, the WBG support will focus on revenue diversification and mobilization and addressing the binding constraints for attracting private financing.

“It will also improve social services delivery for building the human capital needed for inclusive economic growth, in alignment with the (ERGP).

It said that the approved programme of support in FY2018 would comprise certain projects.

They are: state fiscal transparency, accountability and sustainability project that would help increase efficiency in spending and strengthen revenue mobilisation and debt sustainability in participating states.

It said that this was of critical importance for the delivery of health, education, water and other services.

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