Nigeria gets $2.1 billion World Bank loan to finance power, health sector, others
According to the World Bank Country Director for Nigeria, Rachid Benmessaoud, the federal government’s Economic Recovery and Growth Plan (ERGP) identified human capital investment, restoring growth, and building a competitive economy as key pillars, and the bank deem it fit to support the country in those areas.
The concessionary loan is to support the funding of seven projects in key sectors of the country namely; nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.
Giving the expectations of the loan on the life of the average Nigerian, the World Bank said;
“The project will support Nigeria in building its climate resilience and meeting her National Determined Contributions, apart from scaling up the issuance of Green Bonds to leverage more financing for sustainable development. This additional financing is an IDA credit of $400 million.
the project would support the development of a sustainable framework for expanding electricity access in Nigeria over the long term, with $350 million financed through an IDA credit made available for it.
“Next, is the Accelerating Nutrition Results in Nigeria Project, which will benefit over 8.7 million people, mostly pregnant and lactating women, adolescent girls and children below five years old.
“As the first dedicated large investment in Nigeria on nutrition-specific interventions and outcomes, the project will contribute to reducing chronic malnutrition, maternal and child mortality rates, improved school completion and performance, and consequently, enhanced labour force productivity and economic growth in Nigeria.
“The financing for this project consists of an IDA credit of $225 million and a Global Financing Facility grant of another $7 million. The Nigeria Polio Eradication Support Project is expected to help improve immunisation coverage with oral vaccines to the national target of 85 per cent in 18 months.
“Improving routine immunisation coverage, which is critical to improving child health and reducing infant mortality, will attract additional financing with an IDA credit of $150 million,” it added.