Ogun Promises Proper Use of World Bank $300m

February 24, 2021
Ogun State Security Trust Fund

By Adedapo Adesanya

The Ogun State government has made plans to utilize a financing partnership agreement worth over $300 million signed with World Bank to fund Ogun Economic Transformation projects.

This was disclosed by Governor Dapo Abiodun when the 56th Governing Council of the Institute of Chartered Accountants of Nigeria (ICAN), led by its President, Mrs Onome Adewuyi, paid him a courtesy visit at his Oke-Mosan office, Abeokuta.

The Governor, who was represented by the Commissioner for Finance and Chief Economic Adviser, Mr Dapo Okubadejo, said the project, when completed, would further place the state as one of the fastest-growing economies in Nigeria.

On her part, the President of ICAN lauded the state Governor for receiving the delegation, noting that the visit would enable the government and other stakeholders to champion ways of sustaining growth and development of the State and the country at large.

The project development objective (Project ID: P164031) is to increase the participation of the private sector in the economy of Ogun State, with a focus on improving the business-enabling environment, strengthening agri-food value-chains and upgrading skills.

The credit from the multilateral lender has a maturity period of 30 years with a grace of five years.

In support of Ogun State’s development objectives, the project has three core areas of implementation, which are the creation of enabling business environment, strategic technical and vocational skills and development as well as agricultural value chain development. These will all rest on a pillar of strengthened governance capabilities as areas such as statistics, procurement, monitoring & evaluation and planning are bolstered through the program.

Efforts were first advanced during the outgoing tenure of Senator Ibikunle Amosun in April 2019, he, however, noted that then the incoming Dapo Abiodun-led administration already has a ready-made support to enhance the delivery and good governance of the project.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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