World Bank Assents $2.1bn Loan For Seven Projects In Nigeria

World Bank Put Assent Of $2.1bn Loan For Seven Projects In Nigeria
The World Bank has declared the endorsement
of $2.1bn loan for seven projects to be executed in Nigeria.

An announcement issued in Abuja on Thursday said the advances were endorsed in Washington on Wednesday and are for seven projects to help Nigeria's interest in nutrition, access to power, states' financial straightforwardness, polio destruction, ladies' economy strengthening, open fund and national insights and decreasing weakness to soil disintegration.#
World Bank Country Director for Nigeria, Rachid Benmessaoud, was quoted to have said, “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.

Growth rates in Nigeria have bounced back since the third quarter of 2016, when a recession, its first in 25 years, bottomed out. Growth returned largely due to higher oil prices, with the country relying on crude sales for much of its revenue.

However, growth slowed again in the first quarter of 2018, as the country’s non-oil sector struggled.

The government expects growth to rise to a pre-recession level of 7 percent by 2020.

The World Bank said more than half of the loans would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.

Nigeria privatised most of its power sector in 2013 but retained control of its dilapidated monopoly transmission grid, often blamed for hobbling growth.

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