Looted Broke Nigeria Borrows $1 Billion From World Bank For “Irrigation”

From November 6th

Nigeria approved borrowing of $945 million from the International Development Association, an arm of the World Bank, for irrigation and drainage projects, Minister of State for Finance Bashir Yuguda said.

The borrowing consists of $495 million for irrigation projects in states including Kano, Sokoto and Zamfara; $250 million for urban water projects in Bauchi, Ekiti and Rivers states; and $200 million to improve drainage in Ibadan, Nigeria’s third-biggest city.

The loan, repayable in 20 years, comes at an interest rate of 1.25 percent and a service cost of 0.75 percent, Yuguda told reporters today in the capital, Abuja. With irrigation Nigeria will have capacity for a “year-out year-in farming season,” he said. Read full on Bloomberg