Sunday , November 27 2022

World Bank Approves $961m Support For Nigeria

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The World Bank has approved two Programme-for-Results operations totalling $961m to support Nigeria’s federal and state governments in their effort to foster inclusion and revive growth, in alignment with the Economic Recovery and Growth Plan of the Federal Government of Nigeria for 2017–2020.

The Better Education Service Delivery for All Programme-for-Results is a $611m credit aiming to bring out-of-school children into the classroom, improve literacy, and strengthen accountability for results in basic education.

In 2013, at least 13 million school-age children were out of school, the majority of which is in the North where out-of-school children rates are also higher among girls, in rural areas and from poor families, the financial institution noted.

It said further that the Kaduna State Economic Transformation Programme for Results, a $350m credit, focused on enhancing private sector investment in Kaduna State through improved business environment, effective budget planning and execution and fiscal accountability.

According to a statement issued on Wednesday by the World Bank, Kaduna has taken a number of reform actions to improve its economic performance and social outcomes and sustain this reform effort.

“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,” World Bank Country Director for Nigeria, Rachid Benmessaoud, said.

The bank added that both operations would make use of results-based financing, whereby disbursement of funds is linked to the achievement of tangible, verifiable results.

“As a first phase for addressing out-of-school children in Nigeria, BESDA aims to help enhance the effectiveness and efficiency of the federal Universal Basic Education Programme through incentivising results at the state level and thereby reduce the number of out-of-school children by roughly one-third by 2022.

“The Kaduna operation will support the state’s ambitious reform efforts to increase both private investments for job creation and revenue generation. It will also strengthen budget performance and fiscal accountability through citizen engagement,” it said.


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