The World Bank has approved a US$750 million credit line for Nigeria to help the country push through reforms to attract investment and create jobs.
Several states in Nigeria are struggling to pay wages due to low revenues and are resorting to borrowing from the domestic bond market and banks to fund infrastructure projects.
The World Bank said Nigeria has made strides in improving business activity, but the country’s ability to attract domestic and foreign investment has remained weak compared to others.
“Private sector investment remains the primary means of creating more jobs, increasing state revenues and improving social and economic outcomes for citizens,” World Bank country director for Nigeria Shubham Chaudhuri said in a statement late Thursday.
The $750 million loan would improve land stewardship, telecommunications infrastructure, public-private partnerships, investment promotion and the regulatory environment for businesses, the World Bank said.