67825
    Federal Republic of Nigeria: First Edo State Growth and Employment Support Credit

                                                SUMMARY OF DISCUSSION

                                              Meeting of the Executive Directors

                                                               March 29, 2012


         The Executive Directors approved a single-tranche credit to the Federal Republic of Nigeria for
the First Edo State Growth and Employment Support Program in the amount of SDR 48.4 million (US$
75 million equivalent) on the payment terms and conditions set out in the President’s Memorandum
(IDA/R2012-0072).
        The Directors underscored the program’s critical role in engendering reforms critical to growth,
employment, and improved service delivery, not only in Edo State, but in other Nigerian states as well,
through the expected positive demonstration effects. They highlighted the existing challenges in the
business climate and underscored the link between the proposed institutional reforms and job creation.
Directors commended the quality and depth of analysis carried out in preparation of the program,
including the candid presentation of remaining weaknesses in Edo State and the program’s risks. They
noted the risk mitigation measures and underscored the importance of complementary technical assistance
to deal with weak implementation capacity. They emphasized that such support, together with the Bank’s
supervision missions, will be critical to ensure the program achieves its development objectives.




                                                            
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  This summary is not an approved record.