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The World Bank has approved a US$750 million credit line for Nigeria to accelerate its reform process and facilitate investments and employment generation activities. The financial position of a number of states in Nigeria is in a precarious position
The World Bank has approved a US$750 million credit line for Nigeria to accelerate its reform process and facilitate investments and employment generation activities. The financial position of a number of states in Nigeria is in precarious position. They are struggling to pay wages due to low revenues and are resorting to borrowing from the domestic bond market and banks to fund infrastructure projects, which adds to the debt burden of the states.
According to the World Bank, Nigeria has made strides in improving business activity. However, the West African country is in a lackluster position to attract investments, due to some of the perennial problems compounded by violence in certain parts of the country. The private sector investment tempo is weak, which is the primary source for increasing investments.
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The US$750 million World Bank loan would be used for land stewardship, telecommunications infrastructure, public-private partnerships, investment promotion, and strengthening the regulatory environment for businesses, a statement of the World Bank said.
