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Nigeria seeks $500m World Bank loan to fix rural roads, food price hike

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Food Price Hike News

Loan,Nigeria,World Bank

The Nigerian federal government is seeking a $500 million loan from the World Bank to fix rural roads, improve access to agricultural products nationwide, and tackle food price hikes. The Washington-based lender stated that the funds will address the needs of 92 million people in rural areas lacking good road networks.

The Nigerian government made the funding request in the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up, implemented by the Federal Ministry of Agriculture and Rural Development. The RAAMP-SU project will finance three key components: Improvement of Resilient Rural Access , Climate-Resilient Asset Management , and Institutional Strengthening and Project Management .

These factors underscore the imperative to expand and enhance the rural road network, as well as conserve rural road and transport assets. “While eligibility for state participation under RAAMP required the drafting and placement of Road Fund and Roads Agency bills in the State Houses of Assembly, the new project would require the States to have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provision for administrative costs made in the state budget.

 

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