World Bank grants $2.1bn loan for seven projects in Nigeria

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The World Bank has approved of $2.1bn loan for seven projects to be executed in Nigeria.

The loan was announced in a statement issued by World Bank Country Director for Nigeria, Rachid Benmessaoud in Abuja on Thursday.

According to the statement, the loans were approved in Washington on Wednesday and are 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.

Rachid Benmessaoud, 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.

The World Bank stated 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.