Key sectors of the Nigerian economy to get a kick start

The Sierra Leone Telegraph: 28 February 2013

map of NigeriaThe Board of Directors of the African Development Bank Group has approved a US $300 million loan to finance the Nigerian transport sector, and its Economic Governance Reform Program and Country Strategy Paper (CSP) for the period 2013-2017.

In essence, the loan will support the Nigerian Government to accelerate reform implementation in the areas of transport sector governance, and public expenditure management, says APO.

Reform measures include the establishment of a Federal Road Authority, National Road Maintenance Fund, Road-Tolling Policy, and Axel Load Control Policy.

In the areas of public financial management reform, the program involves the adoption of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernization Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS), and Transparency and Compliance in Procurement and Audit Practices.

The program will also create fiscal space for increased investment in road infrastructure development.

Nigerians queue for petrolIt is an integral part of a broader set of interventions of the Bank, designed to support Nigeria’s Transformation Agenda, with emphasis on economic governance and infrastructure development.

The Country Strategy Paper outlines the Bank’s engagement and assistance to the Federal Republic of Nigeria.

It will focus on two strategic pillars, namely; supporting the development of a sound policy environment, and investing in critical infrastructure to promote the development of the real sector of the economy.

The strategy is aligned with the Government’s long term development agenda.

 

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