Nigeria will benefit from $2.1 billion provided by World Bank to promote good governance and improve access to electricity, Reuters reported June 28.

The money, granted as concessional loans, will serve to revive the economy. More than half of the resource will be pumped into various schemes in energy and climate change adaptation while another part will go to fiscal transparency.

This financing is timely as Africa’s leading economy recently adopted a $25 billion record budget under its Economic Recovery and Growth Plan. The country planned to finance the budget with a $4.5 billion loan. 

Let’s note that the Bretton Woods institution has also granted another $7 million as subsidy to improve nutrition in the country. Authorities target a 7% economic growth by 2020.

Moutiou Adjibi Nourou