News / World Bank adds $110 million to fund the Nigeria's PPPs

World Bank adds $110 million to fund the Nigeria's PPPs

🕔 May 22, 2013

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The World Bank is putting strategies in place to establish a Project Implementation Unit for Public/Private Partnership Projects in Nigeria with $110 million funding.

A team from the World Bank was at the Bureau of Public Enterprises office in Abuja last week to ascertain which government agency was the best to domicile the Project Implementation Unit office.

Nigeria was the first country selected by the World Bank for a pilot project for Public/Private Partnership. However for three years, funds released for the purpose had been unutilized.

Since the non-utilization of the fund had forced the World Bank to restructure and scale the fund down to $25 million in the first instance, to take care of technical assistance and capacity building, while phase II would be $85 million.

The World Bank is compromising to assistance to the Bureau in the area of advisory services, manpower development and funding of some of its transactions such as the commercialization of the Federal Housing Authority, privatization of the Abuja Stock and Commodities Exchange and the eight reform bills being fine-tuned for presentation to the National Assembly.

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