World Bank Approves $2.1bn Loan For Nigeria

The World Bank has approved the sum of $2.1 billion loan for a number of projects in Nigeria.

The approval made in Washington, was announced by Rachid Benmessaoud, World Bank Country Director for Nigeria, on Thursday, in Abuja.

Benmessaoud said the sum was approved for the execution of seven projects across the country.

The projects, according to the director, cut across investment in 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 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,” Benmessaoud said.

The announcement comes just a day after the Director General of the Debt Management Office (DMO), Patience Oniha, said the federal government is planning to borrow $2.8 billion to fund the deficit of the 2018 budget.