World Bank approves $2.1bn loan for Nigeria

Months after top executives from the bank toured some projects in the country; the World Bank has announced the approval of $2.1 billion loan for seven projects to be executed in Nigeria.

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 statement said the loans were approved in Washington on Wednesday, with World Bank Country Director for Nigeria, Rachid Benmessaoud, quoted as saying, “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”.

The projects approved by the International Development Association, the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.

The Bretton Woods institution disclosed that more than half of the loans coming the way of Nigeria would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.