The World Bank has announced plans to spend $5billion on 27 projects across Nigeria in the next five years, just as the African Development Bank (AfDB) sealed a pact to provide two sovereign-guaranteed multi-tranche lines of credit (LoCs) of $500 million to Bank of Industry (BOI) and of $200 million to Nigerian Export-Import Bank (NEXIM), to support export-oriented Small and Medium Enterprises’ (SMEs) modernisation and expansion.
The Country Director of the World Bank, Ms Marie-Francoise Marie-Nelly, dropped the hint of the $5 billion deal at a one-day “Job Shadow Workshop”, organised by Junior Achievers Nigeria, a Non- Governmental Organisation (NGO).
“On the average, we are providing money in the range of 1.3 billion dollars to 1.5 billion dollars in a year and what we have now is a stock of projects,” she said.
Marie-Nelly explained that 60 per cent of the total amount would be spent on sustainable development projects, including infrastructure, construction and rehabilitation, energy, water and agriculture.
According to her, human capital development, which was the second area of intervention, would take about 40 per cent of the amount. This, she said, would significantly impact on primary healthcare and basically help to improve the situation in the sector, especially polio eradication.
“But what is interesting to know is that government has adopted a significant programme called ‘Saving one million lives’”. The country director gave the assurance that the bank would continue to help in strengthening government institutions and private sector development.
“We also have three regional projects in the area of air transport, Niger River Basin in Niger State and the West Africa Agriculture Productivity Project, aimed at improving productivity in the agricultural sector and using the best techniques,” she said.
On youth empowerment, she said that the bank had budgeted $300 million for Youth Employment and Social Support Operation (YESSO) scheme in Nigeria.
“We are preparing a Youth Employment and Social Support Operation (YESSO) to support the provision of immediate work opportunities and skills development for unemployed youths and women from poor households,” she stressed.
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