World Bank Endorses $961m for Nigeria’s Economic Recovery

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Hello Reader,

Under two programmes for-results-operations, The World Bank approved $961m loan to support the implementation of Nigeria’s Economic Recovery and Growth Plan 2017-2020 and to help the country achieve sustainable and measurable results.

In a statement made available to correspondents on Wednesday by the Senior Communications Officer at the World Bank office in Nigeria, Olufunke Olufon, the fund totalling $961m would go into two programmes for-results-operations.

According to the statement, one of the programmes is the Better Education Service Delivery for All (BESDA), which will receive $611m. BESDA aims to bring out-of-school children into the classroom, enhance literacy, and strengthen accountability for results in basic education.

It will be recalled that in 2013, about 13.2 million school-age children were reported to be out of school, the majority of who were in the North, where out-of-school children also rated higher among girls in rural areas and from poor families, the bank stated.

The second programme to benefit from the loan is the Kaduna State Economic Transformation Programme for Results, which will receive $350m credit. This aims to enhance private sector investment in Kaduna State through improved business environment, effective budget planning and implementation, and fiscal accountability.

The Bank believes Kaduna State has taken a number of reforms to improve its economic performance and social outcomes, and sustains the efforts.

Meanwhile Rachid Benmessaoud, The World Bank Country Director for Nigeria, was quoted to have said, “Investing in human capital and creating economic opportunities for all are key areas of focus to achieve more inclusive and private-sector led growth.

“These two operations support the government’s economic and growth recovery plan and will help Nigeria achieve sustainable and measurable results.”

The bank further added that both operations carried out results-based financing, whereby disbursement of funds was linked to the achievement of noticeable and verifiable results.

For the first phase for addressing out-of-school children in Nigeria, the BESDA aims to enhance the effectiveness and efficacy of the federal Universal Basic Education Programme through encouraging results at the state level and by so doing, reduce the number of out-of-school children by approximately one third by 2022, the bank declared.

On the other hand, the Kaduna operation will support the state’s determined reform efforts to increase both private investments for job creation and revenue generation, the bank indicated, adding that it would also emphasize budget performance and fiscal accountability through citizen participation, (thecitizenng.com).

We use this medium to thank The World Bank for the intervention; and encourage the various beneficiaries and all to see that children-out-of-school rate is reduced to the barest minimum. Finally, it is our wish to also see Nigeria’s Economic Recovery and Growth Plan prosper. The time to think and act is now; these are life and business essentials. So let’s keep thinking clearly. Thank you for reading and do have a beautiful day!

Your suggestions, comments or contributions are highly appreciated.

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World Bank Endorses $961m for Nigeria’s Economic Recovery

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