Nigeria 'to receive $6bn for three-year development plan'
29 October 2009
The Nigerian government is to receive support to the tune of $5.7 billion (£3.5 billion) to aid the country in realising the targets outlined in its Vision 2020 plan.
Among investors are the World Bank, African Development Bank and the United States Agency for International Development.
Each organisation has a different area of focus, though the main priorities are promoting sustainable growth that is not linked to oil, as well as improving infrastructure, quality of governance and social services.
The African Development Bank's grants will be partly focused in part on power sector development, transport networks and water supply.
World Bank country director Dr Onnoh Ruhl was quoted by the Daily Champion as saying the support would be focused on long-term capacity building.
"[The goal is for] Nigerian firms ... to be able to compete in regional and international markets and to diversify exports away from oil," he said.
According to the Vision 2020 mission statement, the main objective of the project is to see the country become "one of the 20 largest economies in the world" within the next ten years.