ECONOMIC DEVELOPMENT: OGUN GETS $250M WORLD BANK ASSISTANCE

ECONOMIC DEVELOPMENT: OGUN GETS $250M WORLD BANK ASSISTANCE

Ogun State Government has been supported with a financial package of $250m from the World Bank, to turn the State into a more dynamic investment destination.

The Country Director of the World Bank; Shubaham Chaudhuri who made this known in Abeokuta during a courtesy visit to the State Governor, Prince Dapo Abiodun in his office, revealed that the flagship of the support would be through Ogun State Economic Transformation Programme (OGSTEP), which is in line with the Governor's vision for his investment drive, especially in terms of realising the State agribusiness potentials.

"The financing that is available to Ogun State is $250m and it was approved by our board a while ago, but because of all the processes including the Federal Government and National Assembly approvals, it only started in the last six months”, Chaudhuri said.

He noted that his team is in the State to participate in the flag-off of Nigeria For Women Programme (NFWP), adding that Ogun is an important partner for the World Bank project.

Responding, Governor Abiodun said the success recorded by the NFWP informed his administration of the need to copy and expand the model which would be extended to 20 Local Government Areas of the State, commending the decision of the World Bank to choose Ogun as one of the first six States to benefit from the programme, as it would bring a lot of opportunities beyond providing soft loans for women.

Abiodun stated that his administration would adopt the project into its Health Insurance and other social programmes, appreciating the Bank for the 'Save the One Million Lives Project, Rural Water Supply and the support during the peak of the COVID-19 pandemic.

 

Obasan Oluwafunso,

Press Officer, Office of the Governor