Nigeria Set to Secure $500 Million World Bank Loan for Rural Access and Agricultural Marketing Project (RAAMP-SU)

The Federal Government of Nigeria is on the brink of securing a significant financial boost, with the World Bank poised to approve a $500 million loan for the Rural Access and Agricultural Marketing Project – Scale Up (RAAMP-SU).

This initiative aims to bridge rural-urban gaps, enhance agricultural marketing, and bolster infrastructure, with implementation slated to commence in the fiscal year 2025.

In a bid to bolster rural access and agricultural marketing, the Federal Government of Nigeria is on the verge of securing a substantial financial injection from the World Bank.

The proposed loan, totalling $500 million, is earmarked for the Rural Access and Agricultural Marketing Project – Scale Up (RAAMP-SU).

President Tinubu

This initiative, designed to enhance connectivity and reinforce transport infrastructure, seeks to directly link rural communities with crucial agro-logistics hubs and essential social amenities.

The approval process for the RAAMP-SU project is anticipated to take place on November 28, 2024, following an estimated appraisal date of July 16, 2024. While the project’s estimated cost stands at $550 million, the World Bank has committed to providing $500 million, representing a substantial increase from its initial commitment amount of $280 million for the parent project.

The RAAMP-SU initiative builds upon the foundation laid by its predecessor, the Rural Access and Mobility Project (RAMP), which garnered support from international financiers such as the World Bank, the African Development Bank (AfDB), and the Agence Francaise de Development (AFD).

Notably, the fresh funding aims to expand the project’s reach from 19 to all 36 states of Nigeria, signalling a new chapter in rural development and agricultural efficiency.

Led by the Federal Ministry of Agriculture and Rural Development (FMARD), the RAAMP-SU project will receive support from various State Ministries, Departments, and Agencies (MDAs), including those focused on Works, Environment, and Women’s Affairs.

The initiative will not only focus on physical infrastructure development but also prioritize institutional strengthening through the establishment of Rural Access Road Agencies (RARA), State Road Funds (SRF), and Road Asset Management Systems.

Moreover, the project will embrace digital outcome monitoring and skill development for rural roads.