$750 Mln Credit Approves By World Bank To Boost Nigerian Reforms

By Adeyemi Adekunle

$750 Million credit has been approved by the World Bank to help boost Nigerian reforms and also help the country drive reforms that encourage investment and job opportunities.

Several states in Nigeria are experiencing economy instability to pay wages due to low revenues and are resorting to borrowing from the domestic bond market and banks to fund infrastructure projects.

The World Bank said Nigeria has made giant-strides in improving business activity, but the country’s has a lot to do in attracting domestic and foreign investments.

“Private sector investment remains the primary means of creating more jobs, increasing state revenues and improving social and economic outcomes for citizens,” World Bank country director for Nigeria Shubham Chaudhuri said.

The $750 million loan would not improve land stewardship, but will drive telecommunications infrastructure, public-private partnerships, investment promotion and the regulatory environment for businesses, the World Bank disclosed