The Nigerian government, under President Bola Tinubu’s leadership, is seeking approval for a $500 million loan from the World Bank to boost rural access and agricultural marketing. The loan, aimed at funding the Rural Access and Agricultural Marketing Project—Scale Up (RAAMP-SU), is expected to be discussed by the World Bank’s Board today (Friday).
If approved, this will mark the 10th loan secured by Nigeria during Tinubu’s administration, bringing the total borrowed from the World Bank to $6.45 billion in just 16 months.
The proposed RAAMP-SU initiative seeks to improve connectivity between rural communities and broader markets, enhance access to schools and healthcare facilities, and promote social cohesion in rural areas. Participating states will be required to establish fully functional Road Funds and Road Agencies, complete with appointed boards, staff, and budgetary provisions for administrative costs.
The project also aims to foster women’s participation in the transportation sector. Funds will be distributed competitively among states, considering socioeconomic impact, readiness of proposed activities, and the states’ commitment to maintaining infrastructure effectively, possibly including co-financing from their own resources.
Previous loans under this administration have been allocated to initiatives such as economic stabilization reforms, renewable energy, education for girls, women’s empowerment, and resource mobilization. This latest request highlights the administration’s focus on enhancing agricultural productivity and rural infrastructure to drive economic growth.