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World Bank approves $200m loan for Lagos

By on March 29, 2014

The Board of the World Bank has approved a loan of $200m for Lagos State.

A statement issued by the bank in Abuja on Thursday said the $200m was to support reforms pertaining to fiscal sustainability, budget planning, budget execution and the investment climate in the state.

According to the bank, the loan is the first in a proposed series of two development policy operations and builds upon the policy reforms initiated under a previous World Bank supported programme.

Over the last decade, Lagos State has undertaken a wide range of reforms that have improved governance, reduced crime and helped to bring millions out of poverty, the bank said.

It added that the goal of the programme was to assist Lagos State in sustaining the strong momentum it had achieved in improving public services, facilitating inclusive growth and reducing poverty.

These include measures to monitor and manage financial risks more effectively, ensure adequate growth in revenues, get better value for money in public expenditures, and improve institutions and processes for land registration and development permits.

The World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, said, “Lagos State has sustained rapid growth and achieved what many would not have believed possible, and has managed to reduce its poverty headcount from 57 per cent in 2004 to 23 per cent in 2010.

 

 

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