World Bank to provide N320b yearly for job creation in Nigeria
The World Bank has approved a yearly fund of $2 billion (N320 billion) to enhance job creation, social service delivery and governance in the country.
The fund, under the Country Partnership Strategy (CPS), would be made available to Nigeria through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) financing.
According to a statement by World Bank, the new CPS, which covers the period of 2014 to 2017, introduces a change in the country's borrowing status. Nigeria was declared credit worthy for IBRD financing last year and is officially entering blend status from July 1, 2014.
It added that the CPS was 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.
It stated: ' It is fully aligned with Nigeria's development agenda, Vision 20: 2020, and its medium-term strategy for realizing that vision; the Transformation Agenda.
'In support of these objectives, the CPS program is structured around three areas: promoting diversified growth and job creation by reforming the power sector, enhancing agricultural productivity, and increasing access to finance; improving the quality and efficiency of social service delivery at the State level to promote social inclusion; and strengthening governance and public sector management, with gender equity and conflict sensitivity as essential elements of governance'.
World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, explained that CPS seeks to addresses inequalities in income and opportunities for the poor and vulnerable by developing more effective mechanisms for social service delivery including social protection programs, education, health and water service delivery.
World Bank Task Team Leader for the CPS, Indira Konjhodzic, said that the bulk of the financing program will focus on increasing installed power generation and transmission capacity and improving the efficiency and governance of electricity delivery.
She added that 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.
The CPS represents the joint World Bank Group's program under a common donor platform known as the Country Assistance Framework (CAF) and 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.