World Bank Unfolds N1.28 Trillion Project Implementation Plan in Nigeria

The World Bank on Friday unfolded a plan to invest about $2 billion yearly in the next four years (about N1.28 trillion) in the implementation of various projects under its Country Partnership Strategy, CPS, in Nigeria.

The plan would increase the bank’s development assistance to Nigeria for job creation, social service delivery and governance through the support of its affiliate financing agencies, the International Development Association, IDA, and the International Bank for Reconstruction and Development, IBRD.

The new CPS, covering the period 2014 to 2017, involves the introduction of a change in the country’s borrowing status based on the declaration of Nigeria as credit worthy for IBRD financing in 2013.The country would officially enter a blend status from July 1, 2014.

This CPS has been prepared in the context of the World Bank’s renewed commitment to the twin goals of reducing extreme poverty and promoting shared prosperity in Nigeria and globally.

Equally, it would fully align with Nigeria’s development agenda under the Vision 20: 2020, and its medium-term strategy for realizing that vision through the Federal Government’s Transformation Agenda.

To support these objectives, the Bank said the CPS programme was structured specifically to focus attention on promoting diversified growth and job creation through the reform of the power sector, enhancing agricultural productivity, and increasing access to finance.

The programme would also help improve the quality and efficiency of social service delivery at the state level to promote social inclusion, while strengthening governance and public sector management, with gender equity and conflict sensitivity as essential elements of governance.

The World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, said the CPS would help by developing more effective mechanisms for social service delivery, including social protection

programmes, education, health and water service delivery.

The Country Director said the CPS represents the joint World Bank Group’s programme under a common donor platform, the Country Assistance Framework, CAF.

She said the programme would work in close cooperation among development partners to enhance the effectiveness and transformational impact of national efforts and avoid duplication of tasks.

“This approach of the CAF is proving as very effective for better coordination and synergies among partners’ strategies of support to Nigeria,” the Director said.

The World Bank Task Team Leader for the CPS, Indira Konjhodzic, said the bulk of the financing programme would focus on increasing installed power generation and transmission capacity and improving the efficiency and governance of electricity delivery.

“Boosting agricultural productivity, improving farmers’ linkages with agro-processors, and increasing access to finance including long time financing to the citizens particularly women is a major focus of this partnership strategy,” Mr. Konjhodzic said.

The Minister of Finance, Ngozi Okonjo-Iweala, said the new CPS would go a long way to support the Nigeria’s efforts to create jobs for its youth and improve infrastructure needed for economic growth that would impact on majority of the people.

[Premium Times]

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World Bank Unfolds N1.28 Trillion Project Implementation Plan in Nigeria
Country Partnership Strategy, nigeria, World Bank