World Bank commits N837.4bn to projects in Nigeria

World Bank commits N837.4bn to projects in Nigeria
June 14, 2013 Leaders Hub

The total value of World Bank projects in Nigeria as of May 1, 2013 is N837.4bn, our correspondent has gathered.

It was also gathered that the bank had 33 projects in the country with different ages with the oldest being 8.9 years’ old.

The projects, according to documents obtained by our correspondent, are categorised into 10 different groups.

They include the Malaria Control Booster Project, State Education Programme Investment Project, Youth Employment and Social Support Operation, Federal Roads Development, Lagos Metropolitan Development and Governance Project and Commercial Agriculture Development Project.

Others are Electric and Gas Improvement Project, Economic Reform and Governance Project, Nigerian Erosion Watershed Management Project and Nigerian Rain Water Resources Development Project.

The portfolio covers five main areas of sustainable development (49 per cent), human development (31 per cent), governance and economic reforms (10 per cent), finance and private sector (five per cent) and regional/global environment facility (five per cent).

Total disbursement on health projects as of May 1, 2013 stood at $750m, while disbursement on education in the same period was $425m.

Total disbursement on transport projects stood at $750m as of May 1, 2013, while total disbursement on environmental projects was $500m.

Disbursement on poverty reduction and economic management projects as of May 1, 2013 was $535m, while the amount disbursed on finance and private sector development projects was $275m for the same period.

The World Bank works in Nigeria through a country partnership strategy anchored on the nation’s own development strategy.

The current CPS, which covers the period 2010 to 2013, is aligned with the government’s Vision 2020 that aims at positioning the country among the top 20 economies in the world by 2020.

The document stated, “The CPS is structured along these pillars – promoting human development; diversifying the economy; promoting non-oil growth; and strengthening governance and state capacity. It has been developed jointly with the African Development Bank, Development Finance Institution and United States Agency for International Development.

Source: Punch

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