By Emeka Ezekiel, Abuja

The World Bank has said that it will provide $83bn (N450bn) grant to Nigeria to enable the country finance its economic development plans.

Specifically, the money will be invested in infrastructure development, Information and Communications Technology, job creation, health care delivery and agriculture, among others.

The World Bank Vice-President for the Africa Region, Mrs. Obiageli Ezekwesili, disclosed this during a press conference on the World Bank Development Strategy and Financial Assistance to Africa.

She stated that the $3bn was part of the bank’s $48bn development assistance to African countries to enable them meet the Milleniuem Development Goals of halving poverty by the year 2015.

She noted that the World Bank’s financial development plan titled, “Africa’s future and the World Bank’s support to it,” represented a paradigm shift from a more general focus on seeking economic stability and sound fundamentals to three key areas of competitiveness and employment; vulnerability and resilience and governance and public sector capacity.

She said, “Nigeria’s share of the IDA package is a little above $3bn. The IDA is allocated to countries on the basis of needs, as well as performance. These are the important pillars of the criteria on the basis of which we allocate the IDA with a view to ensuring that there is balancing of needs and performance.

“We are excited about Africa’s future. Today’s Africa is exemplified by the many success stories and stronger economic growth being driven by the dynamism of its people and economies. We are using the opportunity of our new Africa Strategy to listen, learn and define how we could better support the continent’s aspiration as it maintains the momentum of economic reforms over the next decade.”

Ezekwesili added, “In implementing the strategy, the World Bank Group shall remain fruitfully engaged with citizens as they demand greater participation in the benefits of improved economic performance, deploy our partnerships, knowledge and finance to work with governments, private sector, civil society and other partners and help countries to speed up the attainment of the Millennium Development Goals, expand economic prosperity and reduce poverty.

“The plan will assist countries to diversify their economies and generate jobs, especially for the seven million to 10 million young people entering the labour force each year.”

Source: Punch