The Federal Government and the World Bank are in talks to complete the processes of obtaining over $1bn loans to address the challenges facing Internally Displaced Persons and their host communities, as well as boost agricultural marketing in Nigeria.
The federal government’s request is contained in World Bank documents titled, ‘Solutions for the Internally Displaced and Host Communities Project’ and ‘Rural Access and Agricultural Marketing Project – Scale Up.’
While the IDP loan is put at $500m, the rural access and agricultural marketing project loan is estimated at $550m.
Some part of the loans currently being addressed by the global bank were reportedly initiated under the previous administration of President Muhammadu Buhari.
The documents revealed that the IDP initiative is meant to improve access to resilient and inclusive basic services and economic opportunities for IDPs and their host communities in displacement-affected local government areas in the northern part of the country.
The Solutions for the IDP and Host Communities Project, estimated for an appraisal date of February 11, 2025, and slated for approval on April 8, 2025.
The Washington-based lender added that the Federal Ministry of Budget and Economic Planning would act as the borrower for Nigeria.
Likewise, the National Commission for Refugee Migrants and Internally Displaced Persons and the North East Development Commission are the implementing agencies.
A breakdown of the funding showed that $30m was proposed for the national policy while $120m will be expended on community development, income-generating opportunities, and social cohesion.
Also, strategic investments for climate-resilient economic development will gulp $320m and $30m on strengthening state and LG institutions for improved service delivery.
