BY Oluseyi Awojulugbe
The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria.
Earlier in the year, top executives from the bank toured some projects in the country.
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.
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:
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