World Bank begins implementation of new safeguards for Nigerian investments

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The World Bank on Tuesday began the implementation of its Environmental and Social Framework (ESF) in Nigeria by organising a workshop.

According to the statement seen by Naija247news signed by the Senior Communications Officer, Nigeria, Olufunke Olufon, disclosed that the workshop was organised to provide comprehensive understanding of the new environmental and social requirements the World Bank will be applying to new investment projects it finances starting October 2018.

“Time and again, we have seen that investment projects are more sustainable and have a greater development impact when the environment is protected, and when communities and people are engaged. The ESF is a great opportunity to work together with the Nigerian government to strengthen its environmental and social systems, and help build the country’s capacity to implement programs in a sustainable way and to achieve stronger results,” said Rachid Benmessaoud, World Bank Country Director for Nigeria.

The World Bank also disclosed that the ESF would progressively replace the World Bank’s current safeguards policies as it is expected to go into effect by October 2018.

The ESF is the result of extensive consultations conducted by the World Bank, with nearly four years of analyses and engagement around the world with governments, development practitioners, and civil society groups, reaching nearly 8,000 stakeholders in 63 countries.

According to the statement, the new framework provides a broad coverage of environmental and social issues, including important advances on transparency, non-discrimination, social inclusion, public participation, and accountability. The ESF also places more emphasis on strengthening borrower governments’ own capacity to deal with environmental and social issues.

The framework assists the borrowing governments to manage certain environmental and social risks in investment projects proposed for World Bank financing support.

The World Bank’s environmental and social framework aims to ensure that the people and the environment are protected from the potential adverse impacts of the projects it finances, the statement said

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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