Nigeria - Economic Governance, Diversification and Competitiveness Support Program


Project Summary

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
Sector Multi-Sector
DAC Sector Code 15110
Commitment U.A 440,105,331.88
Status Completion

Project General Description

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.

Project Objectives

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.

Beneficiaries

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.

Participating Organization

Funding
African Development Bank
Implementing
Ministère Fédéral des Finances (MFF)

Information

IATI identifier 46002-P-NG-KA0-002
Last Update 31 Oct 2019

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Contact Details

Name LUMBILA Kevin Numbi
Email k.lumbila@afdb.org

Geographic Location

Country Nigeria