World Economy

WB Backs Nigeria Economic Plans

WB Backs Nigeria Economic PlansWB Backs Nigeria Economic Plans

Plans by Nigeria to place mining at the center of diversifying the economy from the oil industry have received a timely boost from the World Bank. The bank announced it had developed a key partnership with the federal government and was still working along with some states that have higher mining potential, AllAfrica reported. World Bank recently approved a $150 million loan project (mineral sector support for economic diversification project or MinDiver) for developing the Nigerian mineral sector and diversifying it from its dependence on oil and gas. “From the bank’s side, I am really looking forward to contribute to transforming their potential resources into some tangible exploration and exploitation mineral projects bringing economic prosperity and jobs,” said Francisco Igualada, senior mining specialist, Energy and Extractive Industries at the World Bank. He was speaking ahead of the Nigeria Mining Week 2017 set for October 16-19 in the capital Abuja.


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