In order to address rising food prices, enhance access to agricultural goods across the country, and repair rural roads, the federal government of Nigeria is applying for a $500 million loan from the World Bank.
According to the Washington-based lender, 92 million people who live in rural regions with poor road networks would have their requirements met by the funding.
In the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up, which is being carried out by the Federal Ministry of Agriculture and Rural Development, the Nigerian government requested funds.
Three major components of the RAAMP-SU project will be funded: $387 million for improving resilient rural access, $158 million for climate-resilient asset management, and $55 million for institutional strengthening and project management.
The project’s entire cost is projected at $600 million, with the World Bank providing 83.33% of the cash. This pledge is 79% greater than the original World Bank commitment of $280 million for the parent project.
According to the policy paper, participating states must have a fully operational Roads Fund and Roads Agency with appointed boards and personnel, as well as administrative charges included in their state budget.
The document reads:
“Rural access is particularly restricted in areas densely populated by the economically disadvantaged. 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. Additionally, RARAs offer an opportunity to foster women’s representation in the transport sector.”
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cc: Daily Post Ng
cc: Daily Post Ng
