The World Bank has approved the sum of $750 million credit line for Nigeria to help the 36 states push through reforms to attract investment and create jobs.
Many states in Nigeria struggle to pay salaries due to low revenues and resort to borrowing from the domestic bond market and banks to fund infrastructure projects.
The World Bank said Nigeria had made progress in improving the ease of doing business but the country’s ability to attract domestic and foreign investment remained low compared with others.
“Private sector investments remain the major vehicle to create more jobs, increase revenues to the states and improve social and economic outcomes for citizens,” the World Bank’s country director for Nigeria, Shubham Chaudhuri, said in a statement late on Thursday.
The $750 million credit is expected to improve land administration, telecommunications infrastructure, public-private partnerships, investment promotion and the business regulatory environment, the World Bank said.
Private sector investments remain the major vehicle to create more jobs, increase revenues to the states and improve social and economic outcomes for citizens.
