THE World Bank has approved a $250million fund for developmental projects in Ogun State.

Ogun is one of the six states approved by the world financial institution to support development priorities in the country, including improving immunisation, enabling a stronger business environment for the private sector, expanding the digital economy to promote job creation and increasing public and private sector capacity on governance and social and environmental safeguards.

“Nigeria is central to the World Bank group’s mission of tackling extreme poverty. The World Bank is carefully targeting its support on high impact projects as the country works to tackle corruption and lift 100 million of its people out of poverty,” said David Malpass, World Bank group president.

The credit facility is expected to help the Ogun State Economic Transformation Project improve private investment in the state by enhancing the business environment, strengthening the linkages between agricultural producers, suppliers and service providers, and providing training and apprenticeships for women and farmers.

The World Bank project will also facilitate collaboration between farmers and agribusinesses, improve STEM teaching in up to 70 per cent of public secondary schools.

In a statement yesterday by the Special Adviser on Public Communications, Remmy Hazzan, the state government said the World Bank approval was the outcome of interactions between Governor Dapo Abiodun and officials of the bank, during which the governor discussed its economic blueprint and development roadmap for the state.

The project facility suffered a major setback and was reduced from the original amount of $350m because of the slow utilisation of the initial preparatory allowance of $5million and the poor implementation of the preparatory phases of the project facility by the previous administration.

But Governor Abiodun convinced officials of the bank that he would see to the judicious application of the fund with the developmental programmes already earmarked for execution in parts of the state.

Among other steps taken to demonstrate commitment, Governor Abiodun provided offices for the World Bank on the governor’s floor after he was sworn in, to underscore the premium placed on the partnership between the state government and the World Bank.

The governor expressed gratitude to the World Bank for the confidence reposed in his administration, even as he promised to ensure efficient utilisation of the fund.