The World Bank has approved a $200 million credit facility to Lagos State to improve fiscal sustainability, budget planning, budget execution, and climate investment.
According to a statement from the World Bank in Abuja on Wednesday, 1st of July: “the credit facility will help sustain the state’s recent economic growth and poverty reduction, while continuing to deliver social services to the city’s expanding population.”
The credit which would be sourced from the International Development Association (IDA) supports the Third Lagos State Development Policy Operation and is the last of a series of two development policy operations which aim to improve public finances and the investment climate in a fiscally sustainable manner.
The statement further stressed that Lagos State has achieved significant economic growth, improved its infrastructure and services, significantly reduced crime, and brought millions of people out of poverty within the last 10 years. “In the past decade, Lagos State achieved significant economic growth, improved its infrastructure and services, significantly reduced crime, and brought millions of people out of poverty.”
According to the World Bank’s Task Team Leader for this Project, Jariya Hoffman; “the operation’s focus on furthering improvements in the transparency of the budget system, effectiveness of public expenditures, and the business climate will help sustain the pace of economic growth and thus the state’s positive momentum towards income equality and the delivery of public services.
The World Bank Country Director for Nigeria, Marie-Francoise Marie-Nelly, also said: “This operation is designed to assist Lagos State in its quest to continue its recent success in spite of the challenges brought on by rapid economic and population growth.”
“As an urban agglomeration that has reduced income inequality during double digit economic growth, Lagos is an example of inclusive growth in Nigeria. If the Lagos experience is sustained, there is strong potential for this type of inclusive growth to spread to other parts of Nigeria.”
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