World Bank to commit 47.5 Billion to fight Poverty in Nigeria

The World Bank has concluded arrangements to commit the sum of $300 million credit to Nigeria, to tackle poverty particularly among the vulnerable, through a new project tagged: “Youth Employment and Social Support Operation.”

Consequently, the board of the bank is to give approval for the release of the credit tomorrow for the project to flag off in April this year.

The project specifically targeted at the poorest of the poor is the Breton Wood institution’s new strategy to combat poverty through prosperity sharing, by identifying the core vulnerable in the society and empowering them, explained Dr. (Ms.) Ritva Reinkka , the bank’s director for the Human Development Group in the Africa Region who addressed the press at the end of a five day working visit to the country .

Although, 20 States in the country have indicated interest to participate in the project, the pilot scheme is to commence in seven namely: Bauchi, Niger, Cross River, Ekiti; Osun, Oyo and Kwara.

Under the scheme, the vulnerable will be identified and selected for the purpose of conditional cash transfer under the social safety programme like public works and skilled acquisition programs as an empowerment tool to give them a lift in life. - NCW