World Bank approves N805 billion for 6 projects in Nigeria

World Bank approves N805 billion for 6 projects in Nigeria

- The Nigerian government is seeking N805,649,243,216 ($2.2 billion) to address its human capital and economic development problems

- The loan to be used for human capital and economic development was sought from the World Bank

- In its efforts to lift millions of Nigerians from poverty, the World Bank is supporting Nigeria

In a bid to resolve economic problems that some analysts believe has impeded the growth of the country, the Nigerian government has secured a loan of N805,649,243,216 ($2.2 billion) from the World Bank.

According to Bloomberg, the loan was approved for six projects to support human capital and economic development in Nigeria this year.

Shubham Chaudhuri, World Bank’s country director for Nigeria in a statement said: “World Bank is ramping up its support to Nigeria in its efforts to lift 100 million Nigerians out of poverty.”

The statement further went on to note that the money would be spent on the following; immunization, expansion of the digital economy, job creation, and public and private sector governance.

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World Bank approves N805 billion for 6 projects in Nigeria
Minister of finance, budget and national planning, Mrs. Zainab Ahmed
Source: UGC

The Nigerian government, the International Development Association (IDA), the French Development Agency and the European Investment Bank are named financiers for the six projects.

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Meanwhile, Legit.ng previously reported that the federal government sought the approval of the Nigerian Senate for concessionary external borrowing of $22.8 billion through the minister of finance and national planning, Mrs. Zainab Ahmed.

The minister appeared before the Senate committee on local and foreign debts on Tuesday, February 4. She said the loan sought for was segmented into seven concessionary loans from multilateral institutions, adding that it was part of the 2016 to 2018 external borrowing plan.

In a related development, the federal government on Thursday, October 17, 2019, said it was in the process of investing N915billion ($3.5billion) World Bank loan into the power sector.

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This is despite spending N1.5trillion in the sector in the last two years. The minister of finance disclosed this during an interview with journalists on the sidelines of international meetings in Washington DC, United States.

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