A Review of the Nigerian Energy Industry

Nigeria gets $200m World Bank grant for employment generation

World Bank19 September 2013, Abuja – The World Bank has granted 200 million dollars (about N32 billion) loan facility to be accessed by the three tiers of government for employment generation.

Gov. Ibrahim Dankwambo of Gombe State made the disclosure when he briefed State House correspondents on the outcome of the monthly National Economic Council, NEC, meeting in Abuja on Thursday.

The meeting was presided over by Vice President Namadi Sambo.

Dakwambo said the facility, a safety net, was also meant to uplift the quality of education and boost food production.

He said that state governments were encouraged to approach the Federal Ministry of Finance on how to access the facility

The governor also revealed that another N200 billion had been set aside by the Central Bank of Nigeria to be accessed by state governments in support of Micro Finance Banks in the Local Government Areas.

“Update was provided to council on Federal Government borrowing plan for 2013 to 2014 for which I chaired a subcommittee from NEC.

“Council was informed that an additional 200 million dollar on safety net was provided by the World Bank for those people who are willing to access.

“It is mainly a facility for employment generation, education etc. People who will be interested are encouraged to approach the Federal Ministry of Finance to utilise the facility.

“Also, N200 billion launched by CBN for the support of micro-finance banks which are mainly at the local government level was also made available

“Members were told to encourage micro finances in their local governments to access the fund,’’ he said

The Minister of State for Finance, Dr Yerima Ngama disclosed that the modality for disbursement of the World Bank facility to interested states would e made available next week.

NEC is the highest economic decision making body statutorily presided over by the vice president with all states governors, Minister of FCT and some ministers and presidential aides as members.

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