| Project Detail |
The International Economic Relations Department (IERD) of the Federal Ministry of Finance, in a letter dated December 5, 2023, requested support from the Middle-Income Country Technical Assistance Fund (MIC TAF) to provide capacity building and strengthen monitoring and evaluation as part of institutional development. As of April 2024, the Bank’s portfolio in Nigeria comprised 49 operations with a total commitment value of USD 4.4 billion. This includes 24 public sector projects amounting to USD 2.6 billion (59%) and 25 private sector operations valued at USD 1.8 billion (41%). The portfolio is distributed across the High 5s, with Industrialize Africa accounting for 42%, Improve the Quality of Life for the People of Africa 19%, Light up and Power Africa 13%, Feed Africa 13%, and Integrate Africa 11%. In line with the Country Strategy Paper (CSP) 2020-2024 priority areas and its anticipated successor, the MIC TAF will strengthen IERD’s capacity to enhance its oversight role for sovereign operations and develop a transformative pipeline of development projects aimed at achieving inclusive growth, reducing poverty, and enhancing the nation’s global competitiveness. Project Objectives The overall purpose of the project is to strengthen the capacity of the Federal Ministry of Finance for effective coordination and oversight of Bank investment and policy-based operations to achieve greater development impact. Thus, the project will support three objectives as follows: (i) strengthen IERD’s capacity through training, and establishment of digital based financing and project monitoring platforms to inform coordination across implementing States, Government Ministries, Departments, and Agencies (MDAs) and Development Partners (DPs) for lending operations; (ii) strengthen the coordination and oversight capacity of the IERD to eliminate start-up delays of newly approved projects, as well as implementation bottlenecks to enhance disbursement; and (iii) strengthen IERD capacity to mobilize donor resources and leverage partnerships between the Bank and other Development Partners (DPs). These objectives will enhance lending readiness; and the implementation of recommendations set out in the Country Portfolio Improvement Plan (CPIP), with a focus on improving the quality of the RDNG Portfolio. |
