TheCable

The World Bank has announced its decision to budget $8billion (about N1.3 trillion) to support job creation, social service delivery and governance projects in Nigeria.

According to the bank’s country Director in Nigeria, Ms Marie Marie-Nelly revealed that the bank would grant the support through a Country Partnership Strategy (CPS), for increasing its development assistance to the country.

She said that $2billion  (about N322 billion) would be spent annually during a four-year period, 2014 to 2017, through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) financing.

The World Bank’s Task Team Leader for the CPS, Mrs Indira Konjihodzic, was also quoted by NAN to have said the bulk of the financing programme would focus on improving the efficiency and governance of electricity delivery.

“The CPS programme is structured around three areas of promoting diversified growth and job creation by reforming the power sector, enhancing agricultural productivity and increasing access to finance”.

Nigeria was declared credit worthy for IBRD financing last year and will officially be entering blend status from July 1, 2014.