Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Nigeria Seeks World Bank Extension for $376 Million North-East Recovery Project

Nnaemeka OkwarabyNnaemeka Okwara
May 31, 2024
in Business & Finance
0
Nigeria Seeks World Bank Extension for $376 Million North-East Recovery Project
Share on FacebookShare on TwitterShare on Whatsapp

The Federal Government of Nigeria has requested a one-year extension from the World Bank for the Multi-Sectoral Crisis Recovery Project (MCRP), aimed at revitalizing the conflict-affected regions of North-East Nigeria. The initial deadline of May 31, 2024, is set to be extended to May 31, 2025, to ensure the completion of ongoing and new activities crucial for the region’s recovery.

In a letter dated April 3, 2024, the government explained the need for a 12-month extension to complete ongoing and new activities, including agricultural support, labor-intensive public works, and training programs essential for supporting the most vulnerable populations in the North-East region.

Launched in 2017, the MCRP received an initial $200 million credit from the International Development Association (IDA), supplemented by an additional $176 million. The project aims to rehabilitate and enhance service delivery infrastructure, provide livelihood opportunities, and strengthen social cohesion in the conflict-affected states of Borno, Adamawa, and Yobe.

Despite facing numerous challenges, the MCRP has made significant progress. As of April 2024, approximately $340 million, or 90% of the total financing, had been disbursed. The project has benefited over 1.27 million individuals with improved livelihood opportunities and nearly 2.57 million individuals with improved access to service delivery infrastructure. However, the project faces a gap of 1.57 million beneficiaries due to delays in cash-for-work activities initially intended as a COVID-19 response.

The infrastructure rehabilitation and service delivery restoration component has seen substantial progress, with approximately 87% of the 1,907 planned sub-projects completed. Delays in complex sub-projects like road construction and infrastructure rehabilitation have been attributed to various factors, including the COVID-19 pandemic, security challenges, and the 2023 elections. These cumulative delays necessitate the proposed extension to ensure the completion of critical activities and the sustainability of project investments.

The World Bank’s task team supports the extension, confirming that the project development objectives remain achievable, the Borrower’s performance is satisfactory, and there are no outstanding audits or financial reports. The extension will facilitate the establishment of robust operations and maintenance regimes to ensure the long-term functionality of rehabilitated infrastructure. It will also bridge and prepare for future projects, facilitating the transition to new operations and ensuring continuity in the region’s recovery efforts.

In Essence

The Nigerian government has requested a one-year extension from the World Bank to complete the Multi-Sectoral Crisis Recovery Project in North-East Nigeria. The project aims to revitalize the conflict-affected regions by improving service delivery infrastructure, providing livelihood opportunities, and strengthening social cohesion. Despite challenges, the project has made significant progress, and the extension will ensure the completion of critical activities and the sustainability of project investments.

Tags: $376 millionExtensionfederal characterNewsNigeriaNigeria Seeks World Bank Extension for $376 Million North-East Recovery Projectnorth-eastRecovery projectworld bank
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

Naira’s December Crash: Black Market Rates Hit Nigerians Hard
Business & Finance

Naira’s December Crash: Black Market Rates Hit Nigerians Hard

December 14, 2025
Naira’s December Crash: Black Market Rates Hit Nigerians Hard
Business & Finance

Naira’s December Crash: Black Market Rates Hit Nigerians Hard

December 13, 2025
Naira’s December Crash: Black Market Rates Hit Nigerians Hard
Business & Finance

Naira’s December Crash: Black Market Rates Hit Nigerians Hard

December 12, 2025
Next Post
Nigerian Lawmakers Seek To Curb Central Bank’s Powers Amid Soaring Inflation

Nigerian Lawmakers Seek To Curb Central Bank’s Powers Amid Soaring Inflation

Kimberly-Clark, huggies producers announces decision to Withdraw from Nigeria

Kimberly-Clark, huggies producers announces decision to Withdraw from Nigeria

Lagos State Extends Flexible Work Initiative Amid Fuel Subsidy Removal Hardship

Lagos State Extends Flexible Work Initiative Amid Fuel Subsidy Removal Hardship

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Diddy Refuses To Eat In Jail, Afraid Of Being Poisoned

Diddy Refuses To Eat In Jail, Afraid Of Being Poisoned

1 year ago
NYSC DG Visits Family of Deceased Anthem Composer

NYSC DG Visits Family of Deceased Anthem Composer

3 years ago
Dollar, Euro and Pounds To Naira Exchange Rate For Today, December 27 2023

Dollar, Euro and Pounds To Naira Exchange Rate For Today, January 8 2024

2 years ago
South Africa Cuts Nigerian Consulate Electricity over Unpaid Bills

South Africa Cuts Nigerian Consulate Electricity over Unpaid Bills

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump UK ukraine US
No Result
View All Result

Highlights

Bondi Beach Survivor Charges Rifle-Wielding Attacker

Naira’s December Crash: Black Market Rates Hit Nigerians Hard

Zelenskiy Drops NATO Dream as Peace Pressure Mounts

Kemi Badenoch Moves to Kill UK EV Ban in Push to Win Voters and Power

Young John: How the Wicked Producer Evolved Into a Frontline Afrobeats Star

Cardi B, Davido Light Up Saudi Arabia’s Soundstorm festival

Trending

Haaland Brace Drives Man City Beyond Palace, as Champions Prolong Road Streak
Sports

Haaland Brace Drives Man City Beyond Palace, as Champions Prolong Road Streak

byHashim Kolawole
December 14, 2025
0

Manchester City maintained their Fine away form by achieving a dominant 3-0 win over Crystal Palace, making...

Safe Ivy League? Brown Shooting Leaves Campus in Blood

Safe Ivy League? Brown Shooting Leaves Campus in Blood

December 14, 2025
Rick Ross Turns Up Lagos Club With Surprise Weekend Appearance

Rick Ross Turns Up Lagos Club With Surprise Weekend Appearance

December 14, 2025
Bondi Beach Survivor Charges Rifle-Wielding Attacker

Bondi Beach Survivor Charges Rifle-Wielding Attacker

December 14, 2025
Naira’s December Crash: Black Market Rates Hit Nigerians Hard

Naira’s December Crash: Black Market Rates Hit Nigerians Hard

December 14, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Haaland Brace Drives Man City Beyond Palace, as Champions Prolong Road Streak
  • Safe Ivy League? Brown Shooting Leaves Campus in Blood
  • Rick Ross Turns Up Lagos Club With Surprise Weekend Appearance

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com