Nigeria Set to Receive $500m World Bank Loan for Rural Development

The Federal Government is negotiating a $500 million loan with the World Bank to boost rural access and agricultural marketing across Nigeria, sources have confirmed.

The loan, which is expected to be approved by December 13, 2024, is part of the Rural Access and Agricultural Marketing Project-Scale Up (RAAMP-SU).

The RAAMP-SU project seeks to connect rural communities more efficiently to broader marketplaces and essential services, such as schools and hospitals, and foster social cohesion.

The funding will focus on improving infrastructure and market access, with an emphasis on ensuring food security in rural areas.

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According to a document on Saturday, the loan will be allocated competitively between states based on a socioeconomic selection matrix that factors in the readiness of states to implement the project and their commitment to maintaining infrastructure.

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States that wish to participate in the project must meet specific requirements, including establishing a fully functional Roads Fund and Roads Agency, as well as appointing staff and budgeting for administrative costs.

The project is designed to ensure that rural areas, especially women, are empowered by improving access to transport and markets.

The World Bank’s loan approval will mark the 10th such project under President Bola Tinubu’s administration, bringing the total loans secured from the World Bank to $6.45 billion in the past 16 months.