Home West African News Nigeria News World Bank Set To Give Nigeria $961M Loan To Support Education

World Bank Set To Give Nigeria $961M Loan To Support Education

A total of $961million has been approved by the World Bank to support the implementation of Nigeria’s Economic Recovery and Growth Plan 2017-2020.

In a statement by the Senior Communications Officer at the World Bank office in Nigeria, Olufunke Olufon, the fund has been planned for two programme-for-results operations.

While one is the Better Education Service Delivery for All, which will receive $611m, the other programme will be the Kaduna State Economic Transformation Programme for Results, which will receive $350m credit.

On the educational programme, Olufon explained that the programme aims to bring out-of-school children into the classroom, improve literacy, and strengthen accountability for results in basic education.

It was gathered that in 2013, 13.2 million school-age children were out of school, the overwhelming majority of who were in the North where out-of-school children rates were also higher among girls, in rural areas and form poor families, the bank said.

For the Kaduna State Economic Transformation Programme for Results, the World Bank says it will focus on enhancing private sector investment in Kaduna State through improved business environment, effective budget planning and execution, and fiscal accountability.

According to the bank, Kaduna State has taken a number of reform actions to improve its economic performance and social outcomes, and sustain the efforts.

Rachid Benmessaoud, the World Bank Country Director for Nigeria, 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.”

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The bank added that both operations implemented results-based financing, whereby disbursement of funds was linked to the achievement of tangible and verifiable results.

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