World Bank projects hit $4bn in Nigeria
26 October 2011
The various infrastructure projects funded by the World Bank will have reached a total value of $4 billion (£2.5 billion) in Nigeria by 2013, according to Leadership.
Speaking at a conference this week, the bank's Nigerian representative Marie-Francoise Marie-Nelly said that they were currently undertaking 25 major works in the country.
Ms Marie-Nelly said that Nigeria's transport sector has a portfolio of $580 billion and that 60 per cent of the $4 billion project funding has not yet been distributed.
"It's a rather young portfolio and we are involved in a number of sectors," she said, adding that the bank would focus on infrastructure development and agriculture.
She also pointed to the fact that the projects had been planned with other key stakeholders such as the African Development Bank and the Department for International Development.
The federal government of Nigeria recently approved a contract for the construction of a bridge over the River Benue at a cost of $227 million.