International lender, the World Bank, is expected to meet and approve a $500 million loan to Nigeria on Friday to boost rural access and agricultural marketing in the country. This is according to information obtained from the Washington-based institution on Thursday.
The World Bank is expected to take a decision on the loan request by the Nigerian government on Friday, 13, 2024. The loan under the Rural Access and Agricultural Marketing Project - Scale Up is designed to close the gap between communities and the broader marketplace in Nigeria. A major prerequisite to partake in the project is that subnationals have a fully functional Roads Fund and Roads Agency with appointed boards and staff and provisions for administrative costs in the state budget.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45 billion from the World Bank in 16 months so far. The implication is that the loan amount would increase following the recent approval of three new loans totalling $1.57 billion from the World Bank for various projects in Nigeria. Available data showed that in the last five years, Nigeria has received at least 35 loan approvals from the World Bank, totalling $24.088 billion.
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