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World Bank Approves $2.1bn Loan For Nigeria

The World Bank has approved a $2.1bn loan for Nigeria to help in the power sector as well as climate change project.

This was revealed in a statement issued on Thursday in Abuja.

The loan is expected to be invested in nutrition, electricity, fiscal transparency, polio eradication, women’s economic empowerment, reduction of soil erosion, public finance and national statistics.

The projects approved by the International Development Association, the bank’s low-interest arm, are expected to support Nigeria’s economic growth plan.

According to the World Bank Country Director for Nigeria, Rachid Benmessaoud, “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.”

More than half of the loans would be used to fund power and climate change projects and boost fiscal transparency.

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