[size=13pt]$550m World Bank cash coming for agric[/size]

Nigeria is negotiating a $550million financing to boost agriculture and fix some of its environmental challenges, Finance Minister Ngozi Okonjo-Iweala has said.
The minister, who dropped this hint in an interactive session with reporters in Washington DC at the World Bank/International Monetary Fund (IMF) meeting, said the Bank’s response had been quite encouraging. The deal will be finalised when a new World Bank country director arrives in Nigeria.

Said Mrs Okonjo-Iweala: “We have an ambitious programme to create jobs. One of the several priorities is agriculture. We have a very detailed plan for investment in agriculture. One of the things we did here in Washington was to start negotiating for extra financing from the World Bank. And we are in discussion with them to see if they can advance about $500 million to support the sector. And also environment because we see agric and environmental issues desirous of having support. So also we entered into discussion of $50million to support the work of the environment and $500 million for agriculture. It is not concluded, but it is looking quite positive and we are very happy with what is happening. We will conclude it when we get to Nigeria and the new country director arrives.”

Besides, the minister said some investors are interested in building the second Niger Bridge through a public private partnership (PPP) scheme. She went on: “We just had an interesting meeting with both International Finance Corporation (IFC) – the private sector arm of the World Bank – and with the representatives of a group of investors who are interested in public private partnership project in Nigeria. Specifically, they are interested in financing and investing in the second Niger Bridge. This is very promising and we had discussions with them about the next step and IFC will be coming to manage this operation. It could turn out as one of the best private sector partnership ventures that Nigeria would do and it will set an example that Nigeria is capable of delivering a clean approach to PPP. And this will unlock investments in other PPP. We tend to get into discussion with the Minister of Trade and Investment and colleagues in the economic management team. And, of course, present to Mr President what we have done and then take it from there. We had discussions with the Minister of Works before coming to Washington and we plan to reconvene and share what we have done,” she said.

Mrs Okonjo-Iweala is the coordinating Minister of the Nigerian Economy. On the alleged frosty relationship between her and Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi, she described the relationship as cordial. Her words: “The governor has spoken, but people are looking for contention; they are not going to have it.
When I came in, I said that we have the good intention to drive the economy. We have an idea of where we want to drive the economy. And you can see the relationship is extremely cordial. But, just like any other jurisdiction, you have your normal monetary policy and fiscal policy tension that takes place. The Chief Economic Adviser can testify to it that it exists everywhere.

“However, apart from that, we have a remarkable meeting of minds in terms of the goals for the economy. He is quite focused on the real sector and we want to work with him and he has been concerned with the fiscal policy; we want to work on it.” On job creation, Dr Okonjo-Iweala said the government was looking at both skilled and unskilled areas to generate gainful employment, but needs various approaches to address different categories.

She said: “I am very happy to announce that Mr President will soon announce a programme targeted at skilled population, called Youth Enterprise Programme. This would be launched within a couple of weeks to try and launch business enterprise competition asking our youths to create enterprises. If they have innovative ideas about how to expand and employ more people, we would run a competition to support those ideas. We will support those ideas by working with banks.

“We are also working with the Ministry of Youths and ICT. This is going to go live on the web and use all the modern tools to encourage participation. We are in partnership with the Lagos University and the World Bank. It is really a consortium to try and launch this across all the zones and to get all these ideas. Hopefully, at the end of the day, we can get about 600 proposals, which can be supported and financed and that will create the jobs. We are targeting several thousand jobs out of this. This is a very interesting programme and part of the N50 billion set aside in the budget will go to the financiers.

“We are also looking at public works programme for the unskilled and we are still working to finance that. We are also looking at women and will also launch for the women in various categories.”

http://www.thenationonlineng.net/2011/index.php/news/20913-550m-world-bank-cash-coming-for-agric.html

this is what naija gets for hiring a former World Bank executive. more loans.

i hope we can repay it

By the time this woman is done with us and go back to her luxurious world bank office, naija go dey inside serious world bank debt and choke hold.

We go hear wen, in another couple of years, we will be told of debt repayments again.

Why is Nigeria getting so much free money? The UK, the World Bank, etc.

Things must look bleak.

All this things we ina de talk no be my problem. My problem na weda the poor masses go benefit from ds agric tin or obj and other rich nig farmers go pack almost everytin and leave the crumbs for us.

PhysicsQED:

Why is Nigeria getting so much free money? The UK, the World Bank, etc.

Things must look bleak.

Modern slavery.

When they make demands we will not be able to refuse

How i wished a stooge is not installed as our finance minister. when the world economy is groaning in debt and are looking for way out, this woman is busy making the wish of her master become a reality by collecting loan that will continue to put us in abject poverty. what has happened to yearly money earmarked for Agriculture and the likes, what we need is capable hands that is devoid of corruption not going about bringing more hardship to the people of Nigeria

It seems there is nothing this govt does that will seem rights in u guys eyes
Please stop being cynical, the fact is that this govt is wrking and doing all it can to ensure we have a better society. I f you dont have any positive input or suggestions on how to grow the economy, then pls tie ur tonguw to ur throat! Stop being prophets of doom. Plsss, let us all join hands to lift ourselves out of poverty, not sitting in front of computer to lambast every govt initiative. If ur going to be a clog in the wheels of progress, i promise u will eventually be flushed out of the system!!

Please whatever the federal government is doing they should remember poor and the needy.
www.geomelgroup.org

Brazil learnt their lesson being in debt to the World Bank and IMF. Their government paid off all the loans and are no longer debt slaves to these vampire organizations and her economy is healthy and robust.

When Ngozi first received her offer from Goodluck I was excited.  I thought she would improve Nigeria forever.  I am wrong, this women wants to enslave Nigeria.  WORLD BANK? The same people that enslave many developing countries econommically?  There are many investors who would invest 550m How about the guy who is head of the Gatwick investment fund that bought the airport?  Ask people like him to generate funds for agriculture.

People are less likely to steal from private funds than from World Bank.  That money will get higher and higher and Nigerian corrupt officials will just steal it and buy AMERICAN OR EUROPEAN CARS AND PLANES!! That will not benefit Nigeria at all.  Kick this woman out of Nigeria, she does not want to help Nigeria.  The World Bank sees Nigeria as a future threat so they put her there to be a puppet. She is just like the majority of Nigerian politicians.

Read the book "Confessions of an Economic hit man"by John Perkins "Dead Aid" by Dambisa Moyo and "Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism" by Ha=Joon Chang.  

Dead Aid will show you why foreign aid does NOT work. Confessions of an Economic hit man will tell you that the CIA goes to kill good politicians and only supports bad ones.  Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism will tell you about how the "Unholy Trinity" (coined by Ha-joon chang) called the World Bank, IMF and WTO are NOT helping developing countries.  They will lower the tariffs so American goods can come to Nigeria for cheap, deregulate foreign direct investment so people can come to Nigeria and do whatever they want (like Shell), make Nigeria pay a HUGE amount of debt and instead of paying for education, and health care.

The world bank/ CIA/ IMF/ WTO are more corrupt than Nigeria's government because they are the ones that put the bad government in many countries.  They force governments to be bad or they will end up like Thomas Sankara or Patrice Lumumba (Great leaders in Africa who died) or Kwame Nkrumah (overthrown government in Ghana).

Afro_Blue:

Brazil learnt their lesson being in debt to the World Bank and IMF. Their government paid off all the loans and are no longer debt slaves to these vampire organizations and her economy is healthy and robust.

This is very true, the Japanese, Indians and Chinese kept the devils (Worl Bank/IMF) at arm's length and look how far they made it.

The politicians are technically investing for their future

May be the intent is genuinely good. But then, if it does not work out , it will become another burden. Mrs Okonjo-Iweala should re-think this borrowing with corruption having a feast on our polity, it is like borrowing for looters. The fund will again find its way back to the western banks somehow.

Can Nigeria critically look at cutting cost of running govt to free funds for development instead of borrowing.  Tell GEJ to conduct a referendum instead.Reduce the number of senatorS to one per state, national assembly to one member per state, reduce minister to 15 by untying ministerial appointment to states and tie to performance, reduce civil service by half( what do they do to justify the chunk of the national income anyway) and plug looting loopholes that are numerous and see if Nigeria indeed need to borrow.

But the govt does not have the heart for these far reaching measures because the interest of the AGIPs must be protected.

Let's see.

Where is the Nigerian press in all this?? The Nigerian Guild of Editors, do you only exist to pick brown envelops and lick the smelly ass of every incumbent government, or to pose difficult questions to powers, sensitize the people and defend the cause the masses??

HERE THEY COME AGAIN. THE SO CALLED LOAN WILL NOT GET TO THE GRASSROOT FARMERS THAT ACTUALLY NEED THE CAPITAL. THE FOOLS UP THERE WILL DIVERT THE LOANS FOR PERSONAL USES AND FURTHER DRAG THE COUNTRY DEEPER IN THE MUD OF INDEBTEDNESS.

I think i like this woman

Not a bad idea, we need targeted investments and the World Bank must resolve to always ask for detailed results. Meanwhile very glad about the 2nd Niger bridge

The govt could have done better by taking such money from petroleum income than borrowing. The money stolen every now and then by top leaders are enough to finance this sector, for better production and benefit for the people.

This financing is it coming without any interest?Or a form of borrowed money with interest accruing after some time? Please, let's get the fact straight.

what next

hmmm, this nigeria is really a crazy country ruled by senseless people. what do we need loan for, we have been colecting loans since jesus christ was lord and

what did they have to show for it?, afterall this loans gonna be embezzled by the same people that applied for it, anyways since the western countries need

money and our leaders are willing to collect loans knowing that nigeria gonna pay for it 10 times and over

We can easily repay the money they just need to see the projects through

She said: “I am very happy to announce that Mr President will soon announce a programme targeted at skilled population, called Youth Enterprise Programme. This would be launched within a couple of weeks to try and launch business enterprise competition asking our youths to create enterprises. If they have innovative ideas about how to expand and employ more people, we would run a competition to support those ideas. We will support those ideas by working with banks.

“We are also working with the Ministry of Youths and ICT. This is going to go live on the web and use all the modern tools to encourage participation. We are in partnership with the Lagos University and the World Bank. It is really a consortium to try and launch this across all the zones and to get all these ideas. Hopefully, at the end of the day, we can get about 600 proposals, which can be supported and financed and that will create the jobs. We are targeting several thousand jobs out of this. This is a very interesting programme and part of the N50 billion set aside in the budget will go to the financiers.

if the government makes driving licenses compulsory and training mandatory before being issued one, many young people can start business as Driving instructors, so many people will forever need accredited driving lessons before getting work or getting their license!!

Dis Guy:

We can easily repay the money they just need to see the projects through

heheh I laugh in mandarin.
when in the history of Nigeria have we ever had a easy time repaying foreign debt?
we can't even keep our much smaller surplus oil revenue without draining it in a matter of months
talkless of repaying huge sum of foreign aid easily.