The World Bank has approved USD 2.2 Bn to finance six projects that will support human capital and economic development in Nigeria.
In 2020, the funds will go into immunization, digital economy expansion, the creation of jobs and public and private sector governance.
According to the lender, the financial support aims to lift 100 million Nigerians out of poverty.
The funds will come from the International Development Association (IDA), the French Development Agency, the European Investment Bank and the federal government of Nigeria.
Shubham Chaudhuri, the World Banks’s country director for Nigeria, says the six projects would focus mainly on delivering better services to Nigerians.
Per his statement, the lender wants to make sure there are better roads in rural areas, more intensive medical care for children and the provision unique identification for the poorest people to make social safety nets and services more effective.
The funding comes at a time when Africa’s rising debt narrative is driving a wedge between the World Bank and other lenders, including the African Development Bank (AfDB).
Much spotlight has been shed on the continent’s debt profile, as World Chief David Malpass blamed multilateral institutions for lending to quickly.
This new WB loan pushes Nigeria’s domestic and foreign debt to more than USD 80 Bn. The support also comes barely a year after the same lender gave Africa’s largest economy USD 2.4 Bn.
A part of this fund will be used to better the business environment of Ogun State in the western part of the country, especially its agribusiness sector. This will be financed with a USD 250 Mn credit from the IDA.
In a bid to promote student entrepreneurship, the loan will as well strengthen the skills of 50,000 Nigerian students while enhancing technical teachers’ capacity to arm them for informal and formal jobs.
USD 200 Mn in credit from the IDA will make this possible as it also looks to increase the female enrollment rate in technical colleges from 13 to 23 percent.
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