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World Bank to provide $1bn for infrastructure in Nigeria

03 April 2014, 19:25

Abuja - The World Bank through its subsidiary, Multilateral Investment Guarantee Agency (MIGA), will provide more than $1 billion dollars (about N165 billion) to support infrastructure development in Nigeria.

The Vice President and Chief Operating Officer of the agency, Michel Wormser, made this known while briefing newsmen in Abuja.

Wormser said that the money would come in the form of guarantees for the execution of infrastructure projects and programmes.

“Over the next couple of years, I expect that MIGA will provide guarantee above $1 billion in Nigeria. This is primarily going to be in the energy sector.

According to Wormser, MIGA will provide mitigation of the risk which will allow investors to come into the country and it will also help Nigerian investors to go to other countries outside their own boundaries.

“So, the reason for my trip is to present the role that MIGA can play in helping the government in some infrastructure development that it is seeking and to help generate jobs by improving the environment in which enterprises operate.

“It is also to talk to Nigerian investors and see how MIGA can be helpful to them as they go outside of the borders of Nigeria.’’

He said that he had interacted with private sector operators and banks on how they could partner to ensure long-term financing with minimal risks.

He stated that major areas of investment interest would be energy, ports, manufacturing and others that require foreign direct investment.

Wormser disclosed that MIGA had in past provided guarantees of about $364 million (about N70.06 billion) in Nigeria, adding that current investment would concentrate on energy “to strengthen investment in gas for power transmission and generation

He said that Nigerian economic growth had become envy of many countries, stressing, however, that there was need to create jobs and competitiveness in the system.


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