The World Bank Group (WBG) approved on Wednesday seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.

This is even as the multilateral institution also extended its Country Partnership Strategy for Nigeria until June 30, 2019.

A statement issued by the bank indicated that during the Financial Year (FY) 2018 and FY2019, the WBG support will focus on revenue diversification and mobilization, addressing the binding constraints for attracting private financing, and improving social services delivery for building the human capital needed for inclusive economic growth, in alignment with the Economic Recovery and Growth Plan.

Commenting on the latest support by the bank, its Country Director for Nigeria, Rachid Benmessaoud,  said: “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.

“This vision for a healthy, educated, productive and resilient population must be complimented by credible governance in order to attract private sector participation and ensure sustainable growth. The approved projects support the implementation of the Government’s growth plan”, Benmessaoud added.

Specifically, the Breton Woods institution listed the approved programme of support in FY18 as including, the State Fiscal Transparency, Accountability and Sustainability Project; the Fiscal Governance and Institutions Project; the Nigeria Erosion and Watershed Management Project; the Nigeria Electrification Project; the Accelerating Nutrition Results in Nigeria Project; the Nigeria Polio Eradication Support Project; and the Nigeria for Women Project.

According to the WBG, the costs of the various projects will be financed through an International Development Association (IDA) credit totaling $1,920 million and a Global Finance Facility (GFF) amounting to $7 million.

The State Fiscal Transparency, Accountability and Sustainability Project, costing $570 million will help increase efficiency in spending, strengthen revenue mobilization (of critical importance for the delivery of health, education, water and other services) and debt sustainability in participating states.

The bank stated that strengthened fiscal transparency will help build trust in government, enhance the monitoring of fiscal risks and facilitate accountability in public resource management.

It also stated that the Fiscal Governance and Institutions Project, which will cost $125 million, would improve the credibility of public finance and national statistics in the country. Fiscal governance is a key foundation for all other public-sector reforms.

“The project will help increase revenue and capital expenditure outturn, strengthen fiscal accountability including for expenditure effectiveness and to improve the quality of statistical information which would contribute to evidence-based policy making”, the bank added.

Similarly, the WBG projected that the Nigeria Erosion and Watershed Management Project, with a cost of $400 million will promote innovative, integrated approaches based on international best practices and community participation to tackle land degradation and major gully erosion formations in participating states.

It also envisaged that the project will support Nigeria in building its climate resilience and meeting her National Determined Contributions and will scale up the issuance of Green Bonds to leverage more financing for sustainable development.

According to the bank, the Nigeria Electrification Project, costing $350 million, will leverage private sector investments in solar mini grids and standalone solar systems to provide electricity to 2.5 million people and 70,000 micro, small and medium enterprises. It will also provide publicly-funded reliable electricity to seven universities and two teaching hospitals.

In addition, it stated that the project will support the development of a sustainable framework for expanding electricity access in Nigeria over the long term.

The bank explained further: “The Accelerating Nutrition Results in Nigeria Project will benefit over 8.7 million people, mostly pregnant and lactating women, adolescent girls and children below 5 years old.

“As the first dedicated large investment in Nigeria on nutrition-specific interventions and outcomes, the project will contribute to reducing chronic malnutrition, maternal and child mortality rates, improved school completion and performance, and consequently, enhanced labor force productivity and economic growth in Nigeria. The financing for this project consists of an IDA credit of $225 million and a Global Financing Facility grant of $7 million.

“The Nigeria Polio Eradication Support Project will help improve immunization coverage with oral vaccines to the national target of 85 percent in 18 months. Improving routine immunization coverage is critical to improving child health and reducing infant mortality. This is Additional Financing is an IDA credit of $150 million.

“The Nigeria for Women Project will directly impact 324,000 women beneficiaries through investments in comprehensive skills training, the leverage of financial and technical resources, and support to policy dialogue on women’s economic empowerment.

“This first World Bank-assisted standalone gender operation in Nigeria will also create and strengthen Women Affinity Groups to facilitate social networks and increase women’s voice and participation in the economy. This is financed through an IDA credit of $100 million”, the bank added.