World Bank to Spend $2.2bn on 6 Projects in Nigeria

World Bank
  • World Bank to Spend $2.2bn on 6 Projects in Nigeria

The World Bank has approved six projects estimated at $2.2 billion to be implemented in Nigeria in the 2020 fiscal year.

The projects would be financed by the International Development Association, the French Development Agency, the European Investment Bank and the Federal Government.

Immunisation and the campaign against Malaraia in certain states would be financed under concessional terms through an IDA credit of $650 million.

“The Nigeria Rural Access and Agricultural Marketing Project, which seeks to upgrade rural roads, and improve connectivity and access to local markets and agribusiness services in 13 states, will be co-financed through an IDA credit of $280m, $230m from the French Development Agency, and $65m from the Federal Government of Nigeria.

“The Nigeria Digital Identification for Development Project, which will support the National Identity Management Commission to increase the number of persons who have a national identification number to about 150 million in the next three years, is to be co-financed through an IDA credit of $115m, $100m from the French Development Agency, and $215m from the European Investment Bank.

“Other projects to include the Ogun State Economic Transformation Project which seeks to facilitate private investment in the state by improving the business environment, strengthening the linkages between agricultural producers, suppliers and service providers, and providing training and apprenticeships for women and farmers.”

According to a statement issued by the bank, the six projects will support human capital and economic development in Nigeria, a nation with over 87 million extremely poor people.

“Nigeria is central to the World Bank Group’s mission of tackling extreme poverty.

“The World Bank is carefully targeting its support on high impact projects as the country works to tackle corruption and lift 100 million of its people out of poverty,” David Malpass, World Bank Group President, said while announcing the approval of the projects.

Shubham Chaudhuri, the Director, World Bank in Nigeria, explained that the projects is to help improve services for Nigerians.

“Ensuring that children are immunized and sleep under mosquito nets, building better roads especially in rural areas, and providing Nigeria’s poorest citizens with a unique identification that will make social safety nets and services more effective,” he said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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