World Bank approves $2.1bn loans for Nigerian projects

 

The World Bank said on Thursday it had approved a total of $2.1 billion in concessionary loans to fund projects in Nigeria aimed at improving access to electricity and promoting governance.
The projects approved by the International Development Association (IDA), 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. Growth returned largely due to higher oil prices, with the country relying on crude sales for much of its revenue.
However, growth slowed again in the first quarter of 2018, as the country’s non-oil sector struggled.
The government expects growth to rise to a pre-recession level of 7 percent by 2020.
The World Bank said more than half of the loans would be used to fund power and climate change projects and boost fiscal transparency. It also approved a $7 million grant for nutrition.