FG Moves to Secure $500 Million Loan From World Bank to Enhance Rural Access, Agricultural Marketing
- The Federal Government of Nigeria is reportedly seeking to secure a $500 million loan from the World Bank
- The loan will be used for Nigeria's rural development and Agricultural marketing in the country
- Nigeria has borrowed about $2.7 billion from the World Bank for various under President Tinubu for multiple projects in the country
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Legit.ng's Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government is about to secure another loan to the tune of $500 million from the World Bank to boost rural access and agricultural marketing in Nigeria.
According to reports, the initiative has been named the Rural Access and Agricultural Marketing Project -Scale-up (RAAMP-SU), and it is designed to bridge the gap between rural communities and the broader marketplace, supporting smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among the rural populace.
Source: Twitter
The new loan would be released in November 2024
According to the information, the loan approval date is November 28, 2024, with the estimated appraisal set for July 16, 2024. The new loan project has an anticipated board approval of November 28, 2024.
The World Bank is reportedly offering $500 million despite the loan having a commitment of $550 million, which is 79% higher than the initial World Bank commitment amount of $280 million for the parent project.
The project aims to enhance the infrastructural and institutional framework for developing, maintaining, and managing Nigeria's rural road network.
The new funding seeks to escalate the project impact from 19 to all 36 states of Nigeria, heralding a new era of rural development and agricultural efficiency.
Tinubu's government obtains $2.7 billion from the World Bank
Under President Bola Tinubu, the Nigerian government has secured about $2.7 billion in loans from the World Bank as Nigeria's public debt hits N87 trillion.
The Tinubu government secured four loans from the World Bank in the last nine months,
The loans include $750 million for women's empowerment, $500 million for girls' education, and $750 million for renewable energy.
The Minister of Finance, Wale, recently stated that the Nigerian government is in talks with the World Bank to secure $1.5 billion to support the budget and provide liquidity in the Forex market.
New data shows how much each Nigerian owes under Tinubu
Legit.ng reported that data from the Debt Management Office (DMO) shows that Nigeria’s total public debt stands at N87.91 trillion as of September 2023.
The increased debt profile comes four months after President Tinubu and 18 new governors came into office in May 2023.
The National Bureau of Statistics said as of the end of September 2023, Nigeria’s public debt is about N87.91 trillion, corroborating DMO’s figures.
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Source: Legit.ng
