Recall that the international money lender had approved four loans to the federal government barely ten months of President Bola Tinubu’s administration. The loans by the World Bank are for power $750m, women empowerment $500m, girl’s education $700m and renewable energy $750m.
The World Bank said the initiative, dubbed the Rural Access and Agricultural Marketing Project – Scale Up (RAAMP-SU), is designed to bridge the gap between rural communities and the broader marketplace, facilitating smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among rural populations.
According to the bank, the new loan project has an anticipated board approval date of November 28, 2024, set against the backdrop of an estimated appraisal date of July 16, 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.
With a previous World Bank funding commitment of $280 million out of a $575 million total project cost, the fresh funding seeks to escalate the project’s impact from 19 to all 36 states of Nigeria, heralding a new era of rural development and agricultural efficiency
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.
Modalities of implementation show the Federal Ministries of Agriculture and Rural Development FMARD now the Federal Ministry of Agriculture and Food Security FMA&FS designated as the lead coordinating body, to be supported by the relevant State Ministries, Departments, and Agencies (MDAs), including those focused on Works, Environment, and Women Affairs.
