|Approval Date||02 Nov 2016|
|Signature Date||09 Nov 2016|
|Planned Completion Date||31 Dec 2017|
|Last Disbursement Planned Date||31 Dec 2017|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||15124|
Economic Governance, Diversification and Competitiveness Support Program (EGDCSP) was designed in a context where Nigeria is facing a severe economic crisis marked by deteriorating public finances and the current account, due to the fall in oil prices. The operation aims to assist Nigeria in the implementation of its economic and social transformation agenda by supporting reforms in the following areas: (i) Public Finance Management (PFM) to strengthen revenue collection, improve efficiency, transparency and accountability in the use of public resources; (ii) sustainable energy supply through improved sector governance and greater private sector participation; (iii) the modernization of agriculture by strengthening the political and institutional framework; and (iv) social inclusion by improving the policy and institutional framework for the protection and empowerment of the poor and vulnerable groups. The cost of the Program is estimated at USD 1 billion and is expected to be implemented over the 2016-2017 period. The various reforms to be undertaken under the proposed Program revolve around three complementary components, namely: (i) strengthening the management of public expenditure; (ii) promoting economic competitiveness and diversification, through reforms targeting the energy sector and the transformation of agriculture; and (iii) promoting social inclusion.
The objective of the program is to promote inclusive, diversified and resilient growth, through fiscal sustainability, the transformation of agriculture and improved access to energy, and social inclusion.
EGDCSP will directly benefit the Ministry of Finance as well as ministries and public entities in charge of the energy, agriculture and social sectors. Nigerian populations will be the ultimate beneficiaries of tax reforms, as the fiscal space provided by budget support will strengthen the financing of pro-poor priorities and service delivery. The private sector will also benefit from the benefits of a more reliable and affordable energy supply, as well as from the transparent and efficient system of public financial management, particularly with respect to procurement practices.
African Development Bank
Ministère Fédéral des Finances (MFF)
|Last Update||24 Feb 2021|
|Name||LUMBILA Kevin Numbi|