The Nigerian Federal Executive Council (FEC) has approved a $3.45 billion loan application from the World Bank to finance five projects in the power, renewable energy, states’ resource mobilisation, adolescent girls’ empowerment, and women’s empowerment sectors.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the approval after the FEC meeting in Abuja on Monday, October 23, 2023.

“Today at the Federal Executive Council, I presented five memos, which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.

The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally generated revenue efforts.