How my government will spend $ 5 billion on a new loan
In total, 15 projects, spread across the country’s six geopolitical zones, are to be financed with more than $ 4 billion from multilateral institutions, as part of the medium-term (rolling) external borrowing plan 2018-2021, according to the Presidency.
President Muhammadu Buhari had asked the Senate to approve sovereign loans of 4.054 billion dollars and 710 million euros as well as grant elements of 125 million dollars for the proposed projects.
According to the president’s letter, sovereign loans will come from the world Bank, Agence française de développement (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered / China Export and Credit (SINOSURE).
The President’s request to the Senate listed 15 proposed pipeline projects, objectives, period of implementation, benefiting states, as well as implementing ministries, departments and agencies (MDAs).
A breakdown of the “ Addendum to Proposed Pipeline Projects for the 2018-2021 Medium-Term (Rolling) External Borrowing Plan ” shows that the World Bank is expected to finance seven projects, including the $ 125 million grant for ” Better education services for all ”.
The Global Partnership for Education grant is expected to increase equitable access for out-of-school children and improve literacy in target states.
The grant, which will be implemented by the Federal Ministry of Education and the Commission for Universal Basic Education (UBEC), will strengthen accountability for results in basic education in Katsina, Oyo and Adamawa states. .
Other projects that will be financed by the World Bank are the State Program on Public Finances, Transparency, Accountability and Sustainability for Results as well as the Agro-Industry Support Project, productivity, improvement and improvement of livelihoods.
The beneficiary states of the agro-food project are Kogi, Kaduna, Kano, Cross River, Enugu and Lagos, with the Federal Ministry of Agriculture and Rural Development being the executing ministry.
The objective of the project is to improve the agricultural productivity of small and medium-sized farmers and improve added value along priority value chains in the participating states.
Likewise, the World Bank is also funding the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project in Delta, Ekiti, Gombe, Kaduna, Katsina, Imo and Plateau states, for the next five years.
The project, when completed, is expected to improve rural water supply, sanitation and hygiene nationwide with a view to achieving the Sustainable Development Goals (SDGs) for water supply and sanitation by 2030.
Under the External Borrowing Plan, World Bank-supported projects also include Nigeria’s COVID-19 Preparedness and Response Project (COPREP), under the supervision of the Federal Ministry of Health and the Nigerian Center for disease control (NCDC).
The project, which has an implementation period of 5 years, will respond to threats posed by COVID-19 through the purchase of vaccines.
In addition, no less than 29 states are listed as beneficiaries of the Agro-climatic Resilience in the Arid Zone Landscape project, which is expected to reduce natural resource management conflicts in Nigeria’s dry and semi-arid ecosystems.
The beneficiary states of the project co-financed by the World Bank and the European Investment Bank (EIB) are: Akwa Ibom, Borno, Oyo, Sokoto, Kano, Katsina, Edo, Plateau, Abia, Nasarawa, Delta, Niger, Gombe, Imo , Enugu, Kogi, Anambra, Niger, Ebonyi, Cross River, Ondo, Kaduna, Kebbi, Jigawa, Bauchi, Ekiti, Ogun, Benue, Yobe and Kwara.
The World Bank is also funding the Livestock Productivity and Resilience project in no less than 19 states and the Federal Capital Territory (FCT).
China EXIM Bank is expected to finance the construction of the Apapa-TinCan Island Port Branch, as part of the Lagos-Ibadan Railway Modernization Project.
The French Development Agency will finance two projects, including the national digital identity management project and the Kaduna rapid bus transport project.
The digital identity project will be co-financed with the World Bank and the EIB.
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The value chain development program to be financed by IFAD and implemented in Anambra, Benue, Ebonyi, Niger, Ogun, Taraba, Nasarawa, Enugu and de Kogi will empower 100,000 farmers, including over 6,000 and 3,000 processors and traders respectively.
The loan facility to be provided by the European ECA / KfW / IPEX / APC will be devoted to the construction of the Standard Track Rail (SGR) connecting Nigeria to the Republic of Niger of Kano-Katsina-Daura-Jibiya-Maradi with a branch to Dutse.
The specific title of the project, Kano-Maradi SGR with a branch in Dutse, has an implementation period of 30 months and will be implemented by the Federal Ministry of Transport.
The China Development Fund for Africa through the Bank of China is expected to provide a loan facility of $ 325 million for the establishment of three energy and renewable energy projects, including the Phase 1 and II solar cell production facility, production of electrical transformers, plants 1, II, III and high voltage testing laboratory.
The National Agency for Scientific and Technical Infrastructure (NASENI) will implement the project aimed at increasing local capacities and capacities in the development of energy and renewable technologies and infrastructure.
Credit Suisse will finance major industrialization projects as well as micro, small and medium enterprise projects to be executed by the Bank of Industry while SINOSURE and Standard Chartered Bank will provide funds for the provision of solar energy infrastructure. 17 MW hybrid for the National Assembly (NASS) complex.
The project, with an implementation period of five years, is expected to address the ‘power supply deficit of NASS and reduce the higher overhead costs associated with the operation and maintenance of fossil fuel generators (installed capacity of 25 MW) to supply the assembly complex ”.
Senior Special Assistant to the President
(Media and advertising)
September 18, 2021
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