According to information obtained from the Washington-based institution, the loan is for the Rural Access and Agricultural Marketing Project—Scale Up.
It is designed to bridge the gap between rural communities and the broader marketplace, facilitating smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among rural populations.
Earlier reports has it that the Federal Government was negotiating with the World Bank for the loan.
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According to a document on the loan seen by our correspondent, states willing to participate in the project are required to have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provisions for administrative costs in the state budget.
The document also noted that the implementation of resettlement and compensation plans is a prerequisite for project activities that cause resettlement.
If approved, this will be the 10th loan project from the World Bank under the administration of President Bola Tinubu.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in 16 months so far.
The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months.