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FG’s Economic Recovery and Growth Plan receives $961m lifeline

The fund would be channelled through the two programme for results operations (Better Education Service Delivery for All and Kaduna State Economic Transformation Programme for Results) which are estimated at $961 million.

Mr. Rachid Benmessaoud, World Bank Country Director right of Nigeria's Vice President, Prof. Yemi Osinbajo.

This information was disclosed in a statement made by the world body in Abuja on Tuesday, June 21, 2017. The statement noted that the fund would be channelled through the two programme for result operations which are estimated at $961 million.

“These two operations support the government’s economic and growth recovery plan and will help Nigeria achieve sustainable and measurable results.”

“Investing in human capital and creating economic opportunities for all are key areas of focus to achieve more inclusive and private-sector led growth,” the bank stated.

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The programmes are Better Education Service Delivery for All and Kaduna State Economic Transformation Programme for Results (KSETPR).

The first programme which will receive $ 611 million (N 186.97 billion) is aimed at re-enrolling out of school children, improve literacy and strengthen accountability in the basic education system in Nigeria.  The bank noted that in 2013, over 13.2 million school-age children were out of school with a majority of this incidence occurring the northern part of the country.

Also, the Kaduna state reformation programme was allotted $350 million (N107.1 billion), which is expected to enhance private sector investment in the state.

The bank added that both operations implemented results-based financing, whereby disbursement of funds was linked to the achievement of tangible and verifiable results.

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In another related development, the African Development Bank (AfDB), CDC Group (managing DFID Impact Fund) and the Dutch Good Growth Fund (managed by Triple Jump) have also created a $65.9 million Fund for Agricultural Finance in Nigeria (FAFIA) towards driving agricultural transformation in Nigeria.

In a statement released on Wednesday, June 21,2017 by the Nigeria’s Minister of Agriculture and Rural development, Dr Audu Ogbeh stated that the AfDB, CDC Group and Dutch Good Growth Fund committed $31 million, while the German Development Bank (KfW) has offered to increase its commitments to the Fund by $10 million which is subject to approvals.

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