Nigerian Governors Review Engagements With World Bank

Nigerian Governors Review Engagements With World Bank

The Nigeria Governors’ Forum (NGF) on Wednesday met with World Bank officials to review the bank’s engagements in the country and at state levels.

NGF Chairman and Governor of Ekiti State, Kayode Fayemi, disclosed this while addressing reporters after the meeting that was held in Abuja.

Mr Fayemi said that the World Bank had been a major partner of the forum in the development programmes of all the states.

He said that the governors at the meeting looked at engagements with the bank, especially subsisting portfolio and reviewed things that they were doing right.

He said that the meeting also reviewed what the state governors needed to improve on and how they needed to accelerate deployment of resources available within the portfolio for states.

According to him, the bank is spending somewhere in the region of $4 billion in states.

“Some of our states are benefiting from a range of grants, even loans on the basis of the bank’s investments in our states.

“These are with long term moratorium and with low interest over a long period of time to offset those loan portfolios.

“So, it is important for us to work on that engagement both in terms of the lending operations, in terms of adversary activities, and in terms of the concrete action in our states.

“I don’t know of many developments partners that have programmes in 36 states. The world bank does,” he said.

Mr Fayemi also said it is much better if the states can borrow from the World Bank at one per cent interest than borrowing at 25 per cent commercial lending rate.

According to him, “there is a question of course of also not having enough resources and the need to expand the lending portfolio from what it is now, both to the federal government and the sub-national entity.

“It is absolutely important that those vehicles are not closed because if we can borrow from the World Bank at one per cent interest, it is always going to be better for us than for us to be borrowing at 25 per cent commercial lending rate.”

Considering the various development programmes like the Better Education Service Delivery for All (BESDA), the ‘Saving One Million Lives’ and others, Mr Fayemi said that World Bank ” is a critical partner we need to work with, in other to improve the quality of life and living conditions of the people”.

Mr. Fayemi also added that at the level of the NGF, they are “extremely focused on performance and result now”.