The World Bank on Thursday announced the approval of $2.1bn loan for seven projects to be executed in Nigeria.
The Global Bank made this known in a statement issued in Abuja quoting the Director for Nigeria, Rachid Benmessaoud.
The statement 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.
“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,” Benmessaoud said.
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.
