The World Bank approves $961m for Nigeria’s economic recovery strategic plan for country’s physical and economic development. It was $961m loan approval was perfected on Tuesday by the World Bank to support the execution and implementation of Nigeria’s Economic Recovery and Growth Plan for 2017 till 2020 in the country.
The disclosure was made by the on Wednesday by the Senior Communications Officer at the World Bank office in Nigeria, Olufunke Olufon, stated that the $961m loan approval by the World Bank would pathway for Nigeria’s economic and human development and the loan would go into two programme-for-results operations totalling $961m.
The programme which the loan was set to accomplished is the Better Education Service Delivery for All (BESDFA), which will receive $611m. The BESDFA, set to bring out-of-school children into the classroom to receive quality free education in the country, improve literacy, and strengthen accountability for results in basic education delivery.
It was disclosed that sometimes in 2013, not less than 13.2 million school-age children were out of school and classroom, the overwhelming majority of who were in the Northern part of the country where out-of-school children rates were also higher among girls child, while in the rural communities and form poor families planning, the W. Bank further disclosed.
The loan would also pathway for the second benefitting programme is the Kaduna State Economic Transformation Programme for Results, which will receive not less than $350million credit facility. The Kaduna State Economic Transformation Programme is also aims at enhancing private sector investment in Kaduna State through improved business environment, effective budget planning and execution, and fiscal accountability in the state institutions.
It was also disclosed that Kaduna State has taken a number of social, economic reform steps to revitalized the dying economic and dilapidated infrastructure in the state and the Kaduna State Economic Transformation Programme actions is to improve its economic performance and social outcomes, and sustain the state efforts.
The World Bank Country Director for Nigeria, Rachid Benmessaoud further asserted as follows:
“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.”
Both holistic programme operations implemented results-based financing, whereby disbursement of funds was linked to the achievement of tangible and verifiable results.
While the aimed first strategic programme plan Better Education Service Delivery for All (BESDFA), for addressing out-of-school children in Nigeria, aims to pathway to education for all vulnerable children and 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 bank said.
The Kaduna operation, on the other hand, will support the state’s ambitious reform efforts to increase both private investments for job creation and revenue generation, the bank said, adding that it would also strengthen budget performance and fiscal accountability through citizen engagement
The dignitaries at the section commended the w. Bank for their generous support to the country and facilitating that children are given the best education and conducive environment to learn. And helping and supporting the Nigeria’s economic recovery plan.