Nigeria-one of Africa's richest countries-is to receive substantial aid from the World Bank to develop its rural areas.
Nigeria-one of Africa's richest countries-is to receive substantial aid from the World Bank to develop its rural areas. It is the country's first major call on external funds in recent years.
SYNOPSIS: The President of the World Bank, Mr. Robert McNamara, visited Lagos last week (November 2 and 3) and confirmed that the Nigerian Government has asked for technical and financial assistance. For the last few years, Nigeria has enjoyed an economic miracle. The boom began in 1973 when petroleum revenues rocketed. But now Nigeria's development needs exceed these revenued and outside assistance has been sought. Mr. McNamara inspected some of the large projects already set up in rural areas with World Bank aid.
He then held talks with several Government officials, including the Commissioner for Industries, Dr. R.A. Adeleye. It was Mr. McNamara's first visit to Nigeria in seven years and he commended the Government on the advances made in that time. He later told Nigerian newsmen that the main aim of the development would be to raise the productivity of small-holdings in rural areas, where the bulk of Nigeria's population lived. Three or four projects were planned, he said, each of which would improve the living standards of half-a-million people.