The World Bank Group’s Board is set to meet today (Friday) to decide on approving a $500 million loan to Nigeria aimed at improving rural access and agricultural marketing. The loan is intended for the Rural Access and Agricultural Marketing Project—Scale Up (RAAMP-SU), designed to connect rural communities with broader markets, schools, and healthcare facilities, while fostering social cohesion.
According to sources from the Washington-based institution, the loan will support rural infrastructure development and enhance food security by facilitating access to essential services. States participating in the project must have a fully operational Roads Fund and Roads Agency with appointed boards, staff, and administrative cost provisions in their budgets.
The funds will be allocated competitively among states based on their readiness, socioeconomic conditions, and commitment to maintaining infrastructure. States must also implement resettlement and compensation plans for any projects that require relocation.
If approved, this will mark the 10th loan project from the World Bank during President Bola Tinubu’s administration. In the past 16 months, the Nigerian government has secured $6.45 billion in loans from the World Bank, with total approvals reaching $24.088 billion over the past five years.
