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Nigeria: Donor funds Hit $4.2bn

The combined funding support by donor agencies including the World Bank, African Development Bank (ADB), International Fund for Agricultural Development (IFAD) and the Islamic Development Bank (IDB) to Nigeria stood at about $4.226 billion for ongoing projects.

Minister of Finance, Mr. Olusegun Aganga disclosed this at the opening ceremony of the 2010 Country Portfolio Review Meetings holding in Abuja.

According to him, the World Bank is currently supporting 24 projects valued at $3.56 billion while ADB has 13 programmes worth $564.17 million. IFAD is currently managing three projects estimated at $72.1 million while IDB has one project valued at $30 million running.

In addition, Director, International Economic Relations Department (IERD), Mr. M. A. Alao also disclosed that sixteen (16) pipeline projects with a tentative credit sum of $2.588 billion are at various stages of preparation.

It also emerged that Nigeria’s Country Performance Indicator (CPI) rating, an important yardstick which determines IDA allocations to countries improved from 3.2 in 2008/2009 to 3.5 in 2010.
As a result, IDA allocation to Nigeria increased from $600 million in 2008 to $1.5 billion in 2010, according to the IERD Director.

Citing a recent World Bank report, Alao said Nigeria’s portfolio when compared in terms of disbursement, rates as number one in Africa and third globally coming after Vietnam and China.