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

A statement issued in Abuja on Thursday said 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.

World Bank Country Director for Nigeria, Rachid Benmessaoud, was quoted to have 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.

Growth rates in Nigeria have bounced back since the third quarter of 2016, when a recession, its first in 25 years, bottomed out. Growth returned largely due to higher oil prices, with the country relying on crude sales for much of its revenue.

However, growth slowed again in the first quarter of 2018, as the country’s non-oil sector struggled.

The government expects growth to rise to a pre-recession level of 7 percent by 2020.

The World Bank said 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.

Nigeria privatised most of its power sector in 2013 but retained control of its dilapidated monopoly transmission grid, often blamed for hobbling growth.

The country intends to raise $2.8 billion of debt offshore to help part-finance its 2018 budget and plans to explore all options to lower costs, the debt office head told Reuters.

The debt office said it could tap capital markets or concessionary loans from the World Bank after the 2018 budget had been approved.


http://punchng.com/breaking-world-bank-approves-2-1bn-loan-for-seven-projects-in-nigeria/

No way oo

in the voice of the terrorist concentrate on the North

Good development but world bank and the federal government really needs to put in place more stringent controls to monitor the disbursement of the funds by the project implementation units. I have had the opportunity of auditing a world bank assisted project and the loan was wasted on useless consultancy services and international tours. This huge sum should be properly monitored for effective utilisation.

Click like if u think none of the 7 projects will see the light of d day.

why do Visitors act like they're concentrating on the TV when they see you coming in with food?

When Buhari said "Nigerians abroad are trying to come back home", he was talking about super eagles.

Back to the topic: What about the recovered loots?

The money will be looted anyway. So no need to approve any loans for Nigeria. Our oil sales should be enough. But, of course, looting won't allow. Useless country!

The debts our unborn children will pay is something else

Check how it will be spent.

Why are you wasting Nigerians money world Bank by borrowing this government money..

They will use it to kill their citizens instead of any project..
Save the unborn by not borrowing them money..
Pls

ollah2:
The debts our unborn children will pay is something else

All in the name of Change, I mean Chains!

The money will be looted anyway. So no need to approve any loans for Nigeria. Our oil sales should be enough. But, of course, looting won't allow.

Besides, giving us high interest loans only enslaves and impoverish our population. The administration that collects the loan won't repay it. The burden will be on another administration to repay a loan that was collected and then looted.

Useless country!

What happens to all the money spent on power. This loan is taken to boost economic areas. part spent on POWER and climate. Obasanjo spent billions of dollar, no light. Jonathan same and now Mr Buhari. By year 2020, there won't still be light.

$2.1BN Looted

One can hardly open any thread and read reasonable comments anymore on NL. The forum has lost its glory, Seun needs to sit up and get rid of most of his mods who push low quality posts to front page. We now have more of low-IQ kids posting all sorts of rubbish just for 'likes and shares'
It's a pity what have become of a once great forum

These guys should stop helping us with loans or even grants. We do not need it. We are rich enough. The money will be used for political campaigns and as national cake. You want to help Nigerians, help us with visas. We will bless you if you open your gates to assylum seekers #STOPLOANSANDGRANTS #STOPFINANCINGEMBESSLEMENT #HELPUSWITHVISASINSTEAD

They are busy mortgaging our future. Who will pay all accumulated loans? Who?



check my SIGNATURE

Ok, but the real cash is not what Nigeria needs at this moment, because we have money mongers around.

They shouldn't have approved it rara... They just wasted the money and made some thieving idiots richer with that approval. The only way it would be used for the said purposes is if they personally monitor it to the end

Seven projects to be located where? I know say 5 must be in the North since we have a sentimental president.

" a'LOOTING continua "

lordkay10:
One can hardly open any thread and read reasonable comments anymore on NL. The forum has lost its glory, Seun needs to sit up and get rid of most of his mods who push low quality posts to front page. We now have more of low-IQ kids posting all sorts of rubbish just for 'likes and shares'
It's a pity what have become of a once great forum

I AGREE.

DONSMITH123:
The World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.

A statement issued in Abuja on Thursday said 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.

World Bank Country Director for Nigeria, Rachid Benmessaoud, was quoted to have 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.

Growth rates in Nigeria have bounced back since the third quarter of 2016, when a recession, its first in 25 years, bottomed out. Growth returned largely due to higher oil prices, with the country relying on crude sales for much of its revenue.

However, growth slowed again in the first quarter of 2018, as the country’s non-oil sector struggled.

The government expects growth to rise to a pre-recession level of 7 percent by 2020.

The World Bank said 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.

Nigeria privatised most of its power sector in 2013 but retained control of its dilapidated monopoly transmission grid, often blamed for hobbling growth.

The country intends to raise $2.8 billion of debt offshore to help part-finance its 2018 budget and plans to explore all options to lower costs, the debt office head told Reuters.

The debt office said it could tap capital markets or concessionary loans from the World Bank after the 2018 budget had been approved.


http://punchng.com/breaking-world-bank-approves-2-1bn-loan-for-seven-projects-in-nigeria/

we have a minister for women affairs but none for men,millons of naira are allocated yearly to the ministry to tackle various issues women face,money paid for by both men and women...and now another loan to support women empowerment,yet none for men...loan to be paid by men and women...ok...anyone telling me we are equal better be God himself

They have just provided daily bread for those pot bellied polithiefcians

seunmsg:
Good development but world bank and the federal government really needs to put in place more stringent controls to monitor the disbursement of the funds by the project implementation units. I have had the opportunity of auditing a world bank assisted project and the loan was wasted on useless consultancy services and international tours. This huge sum should be properly monitored for effective utilisation.

Borrowing money from the World Bank is like borrowing from the Mafia. World Bank and IMF are like vampires....they should say the terms of the loan. In yearssss to come grandchildren of children yet to be born would be suffering to repay this loan.

Seven or eight projects?


8. To fund ruling party campaign....


I don't trust our leaders any longer...I need a white couple to adopt me

Man must not leave on bread alone, What of case when tv dey off..

Sirpaul:
why do Visitors act like they're concentrating on the TV when they see you coming in with food?