By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA IS seeking approval for a $500 million loan from the World Bank to improve rural access to essential services and agricultural markets.
The loan, under the Rural Access and Agricultural Marketing Project–Scale Up (RAAMP-SU), aims to enhance infrastructure in rural areas, linking communities to markets, schools, and healthcare facilities.
A document obtained outlines the stringent criteria for state participation in the project.
States must establish functional Roads Funds and Roads Agencies with operational boards, staff, and dedicated budgetary provisions for administrative costs.
These requirements stem from earlier conditions under RAAMP, which mandated the passage of Road Fund and Roads Agency bills by state legislatures.
Funds from RAAMP-SU will be distributed based on competitive criteria, including project readiness, socioeconomic impact assessments, and commitments to infrastructure maintenance.
Co-financing from state resources is encouraged.
The project also emphasises women’s inclusion in the transport sector through RARAs.
Resettlement and compensation plans are mandatory for project activities involving displacement.
If approved, this will mark Nigeria’s tenth World Bank loan during President Bola Tinubu’s administration, bringing the total borrowed to $6.45 billion in just 16 months.
Recent loans have targeted renewable energy ($750 million), economic reforms ($1.5 billion), and women empowerment ($500 million).
The World Bank Board is expected to meet today to deliberate on this latest request, which holds significant potential to strengthen Nigeria’s rural infrastructure and agricultural marketing system.