World Bank to support Nigeria’s projects with $8bn




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World Bank to support Nigeria’s projects with $8bn



The World Bank said it had earmarked $8bn (about N1.3 trillion) to support Nigeria’s job creation, social service delivery and governance projects in the next four years.


This is contained in a statement by the bank on Friday in Abuja.


It said that the bank would grant the support through a Country Partnership Strategy where it was expected to increase its development assistance to the country.


The statement said that $2bn (about N322bn) would be spent annually during the period through the International Development Association and International Bank for Reconstruction and Development financing.


The bank explained that the CPS, which would run from 2014 to 2017, had introduced a change in Nigeria’s borrowing status.


It said Nigeria was declared credit worthy for IBRD financing last year and was officially entering blend status from July 1.


“This CPS has been prepared in the context of the World Bank’s renewed commitment to the twin goals of reducing extreme poverty and promoting shared prosperity in Nigeria and globally.


“It is fully aligned with Nigeria’s development agenda, Vision 20:20:20 and its medium-term strategy for realising that vision, the Transformation Agenda,” it stated.


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


It stated that the programme was also aimed at improving the quality and efficiency of social service delivery at the state level “to promote social inclusion”.


“The CPS will also strengthen governance and public sector management, with gender equity and conflict sensitivity as essential elements of governance,” it said.


The statement quoted the bank’s Country Director in Nigeria, Ms Marie Marie-Nelly, as saying, “the CPS seeks to address inequalities in income and opportunities for the poor and vulnerable.


“This will be done by developing more effective mechanisms for social service delivery, including social protection programmes, education, health and water service delivery.”


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


“The major focus of the partnership strategy is to boost agricultural productivity, improve farmers’ linkages with agro-processors and increase access to finance,” the statement said.



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