The World Bank said that it had granted a credit line of US$750 million for Nigeria to assist the nation’s 36 states in implementing reforms to draw in investment and create jobs.
Due to poor income, several states in Nigeria struggle to pay their employees, and as a result, they borrow money from banks and the local bond market to pay for infrastructure projects.
The World Bank noted that while economic activity in Nigeria has improved, the nation’s capacity to draw both domestic and foreign investment has lagged behind other nations.
“Private sector investment remains the primary means of creating more jobs, increasing state revenues and improving social and economic outcomes for citizens,” World Bank country director for Nigeria Shubham Chaudhuri said in a statement late Thursday.
According to the World Bank, the $750 million loan will enhance land stewardship, telecommunications infrastructure, public-private partnerships, investment promotion, and the business regulatory environment.
Meanwhile, the World Bank has approved an additional financing of $335 million to support Tanzania’s efforts to scale up grid extension and grid densification, following the country’s achievement as one of the fastest electricity access expansion rates in Sub-Saharan Africa over the past decade.
The new International Development Association (IDA) credit to the Tanzania Rural Electrification Expansion Program (TREEP) will facilitate an additional 1,000,000 last-mile grid connections, including 8,500 education facilities and 2,500 healthcare facilities, as well as provide renewable energy options and clean cooking solutions to rural households.
