World Bank project reaches 1.4m beneficiaries in 20 states
The International Finance Corporation (IFC) has disclosed plans to send a mission to Nigeria to explore scalable investment frameworks to unlock private capital for critical sectors of the economy, including livestock, energy, and housing.

Meanwhile, the World Bank-supported Livestock Productivity and Resilience Support (L-PRES) Project has reached about 1.4 million beneficiaries across 20 states.

Managing Director of IFC, Makhtar Diop, made this known yesterday during a meeting with President Bola Tinubu on the sidelines of the 13th Africa CEO Summit in Kigali, Rwanda.

Diop, who led an IFC delegation comprising Regional Vice President for Africa, Ethiopis Tafara, and Director for Central Africa and Nigeria, Dahlia Khalifa, said the corporation was interested in deepening collaboration with Nigeria in strategic sectors capable of driving economic growth, job creation and regional integration.

The IFC chief commended Tinubu for the bold economic reforms introduced by his administration, particularly the removal of fuel subsidy and the unification of the foreign exchange market.

According to him, the measures have sent a strong signal to global investors about Nigeria’s commitment to implementing difficult but necessary reforms.

“President Tinubu, you have been so courageous in removing the subsidy. When you did it, I said to myself, President Tinubu took the bull by the horns,” Diop said.

Speaking during the meeting, Tinubu reiterated Nigeria’s readiness to harness private-sector capital to accelerate institutional and infrastructural development.

He stressed the need for African pension funds to evolve into strategic development finance vehicles capable of supporting large-scale infrastructure and productive-sector investments across the continent.
THE World Bank-funded Project, valued at about $500 million and expected to run for six years, was designed to improve livestock productivity, strengthen resilience, and enhance commercialisation across key value chains, including beef, dairy, sheep, goat, poultry, and feed systems.

The National Coordinator of L-PRES, Dr Abubakar Sanusi, at the Mid-Term Review (MTR), said the review aimed to assess progress and strengthen the next phase of implementation across Nigeria.

He stated that the project was part of the Federal Government’s broader livestock transformation agenda under the Renewed Hope Agenda of Tinubu, aimed at repositioning the livestock sector as a major contributor to national economic growth, food security, employment generation and rural development.

The World Bank Task Team Leader, Dr Menniviel Sene, emphasised the need to fast-track implementation and ensure that the project delivers meaningful and sustainable results for livestock farmers and communities across Nigeria.

Speaking further, the Project Coordinator said the figure exceeded the project’s initial target of 1.43 million beneficiaries, saying beneficiaries include 546,000 females and 903,000 males, reflecting the broad reach of the project.