The World Bank has approved a substantial loan of $2.1bn for seven projects to be executed in Nigeria.
Confirming the financial support in a press statement issued at the Federal Capital Territory on Thursday, the organization explained that the loans were approved for seven projects to support Nigeria’s 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 World Bank Director for Nigeria, Rachid Benmessaoud, further disclosed that “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 World Bank also noted that 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.
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