Tinubu Govt May Secure Fresh $500 Million Loan From World Bank

The World Bank is about to extend another $500 million loan to the Federal Government of Nigeria, which will be used to support agricultural markets and rural access.

This program, called the Rural Access and Agricultural Marketing Project – Scale Up (RAAMP-SU), is intended to close the gap between rural communities and the larger market by easing access to agricultural markets, hospitals, and schools and fostering social cohesion among rural residents, according to information obtained from the bank.

The approval date may be November 28, 2024. Set against the backdrop of an estimated appraisal date of July 16, 2024, the new loan project has an anticipated board approval date of November 28, 2024.

Although the project is estimated to cost $550 million, the World Bank is offering a commitment amount of $500 million. The new commitment amount is 79% higher than the initial World Bank commitment amount of $280 million for the parent project.

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With implementation planned to begin in the fiscal year of 2025, the RAAMP-SU project aims to enhance the infrastructural and institutional framework necessary for developing, maintaining, and managing Nigeria’s rural road network.

Focusing on extending connectivity and reinforcing the transport infrastructure, the project seeks to directly link rural communities with vital agro-logistics hubs alongside essential social amenities.