Politics
World Bank Endorses $500 Million Loan To Nigeria Under Tinubu’s Administration
World Bank Endorses $500 Million Loan To Nigeria Under Tinubu’s Administration....KINDLY READ THE FULL STORY HERE▶
The administration of President Bola Ahmed Tinubu has secured a $500 million loan from the World Bank to support the Sustainable Power and Irrigation for Nigeria (SPIN) initiative, aimed at addressing climate change challenges……..CONTINUE READING
Chakib Jenane, the Regional Director for Sustainable Infrastructure Development for West and Central Africa at the World Bank, disclosed the details during a meeting with Nigeria’s Minister of Water Resources and Sanitation, Prof. Joseph Utsev, in Abuja. Jenane revealed that the SPIN project was approved by the World Bank’s Board on September 26 and is scheduled to begin in January 2025.
The SPIN project is designed to address climate-related issues such as floods and droughts by enhancing dam safety, improving water resource management, and expanding irrigation services. Jenane noted that the project will benefit approximately 950,000 people, including farmers and livestock producers. He emphasized that Nigeria must continue meeting the necessary conditions for the project’s successful implementation by the January 2025 deadline.
In addition, the World Bank team provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is nearing completion. They also discussed the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) program, stressing the need to involve more states in the initiative. Jenane encouraged the ministry to establish a National WASH Fund, a key goal under the Disbursement Linked Indicator (DLI) 1 of the SURWASH program.
In his response, Minister Utsev thanked the World Bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management. He assured the delegation that the government would provide the necessary counterpart funding to ensure the effective implementation of all World Bank-supported projects. Utsev also emphasized the importance of meeting the January 2025 deadline for the TRIMING project and reiterated the ministry’s commitment to achieving that goal.
The Minister of State for Water Resources and Sanitation, Dr. Bello Goronyo, also expressed his gratitude to the World Bank for endorsing the SPIN project and reaffirmed the ministry’s commitment to ensuring its success through collaboration.
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