The World Bank has said it will invest two billion dollars into current sustainable development and poverty reduction projects in Nigeria.
The Senior Manager of sustainable development department, Africa region, Anna Bjerde, said this at a press conference in Abuja. She listed the projects as: road constructions, generation of power, agriculture, and construction of drainages for flooded areas, as well as poverty reduction in Nigeria.
Bjerde added that the contracts for the road projects have been cleared and will be signed within the next three weeks.
According to her, the roads to be constructed are the Abakiliki Road in Enugu State and Ekpon Road in Ogoja, Cross Rivers State.
Bjerde also revealed that the World Bank has decided to help Nigeria in the power sector “We will also look at the energy sector and the power sector….we are here to help improve the supply of electricity which will take a bit of time to implement” she added.
Nigeria’s economic development has been held back by the underdevelopment of the power sector. Despite being one of the world’s major exporters of petroleum, the country has been unable to produce enough electricity to meet domestic demand.
Much of Nigeria’s agriculture is carried out according to traditional methods, with mechanisation relatively rare. Government efforts to encourage modern methods have had limited success, since farmers frequently find it difficult to adapt to new technologies and have limited capital for updating machinery.