The World Bank Group Board Is Set To Approve A $500 Million Loan For Nigeria Today (Friday) To Improve Rural Access And Agricultural Marketing, According To DANDALI.
This Loan Will Support The Rural Access And Agricultural Marketing Project—Scale Up, Aiming To Connect Rural Communities With Markets, Schools, And Hospitals, And To Strengthen Social Ties Among Rural Residents.
The Approval Is Expected By December 13, 2024.
The Federal Government Has Been In Talks With The World Bank For This Loan. States Interested In The Project Must Have A Working Roads Fund And Roads Agency With Staff And Budget Allocations.
A Document Revealed That States Must Draft Bills For These Agencies To Qualify. The New Project Also Aims To Enhance Women’s Roles In The Transport Sector.
Funds Will Be Distributed Competitively Among States Based On Criteria Like Economic Need, Project Readiness, And Commitment To Infrastructure Maintenance.
If Approved, This Will Be The 10th Loan Project Under President Bola Tinubu, Who Has Secured $6.45 Billion In Loans From The World Bank In 16 Months. Recent Approvals Have Increased This Figure By $1.57 Billion.
Over The Past Five Years, The Federal Government Has Received 36 Loans Totaling $24.088 Billion For Various Development Projects, Raising Concerns About The Country’s Rising Debt And Its Economic Impact.
Some Key Projects Under Tinubu Include Loans For Power ($750M), Women Empowerment ($500M), Girls’ Education ($700M), Renewable Energy ($750M), Economic Stabilization Reforms ($1.5B), And Resource Mobilization Reforms ($750M).
