World Bank approves $1.5bn loan for Nigeria

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The World Bank country director for Nigeria, Mr. Shubham Chaudhuri said yesterday that the Breton Wood institution had approved Nigeria’s request for a $1.5 billion loan.

He said in a statement that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

“This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach.

“To realise its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth,” he said.

He said the facility is a five-year country partnership framework (CPF) that will last from 2021 to 2024.

The loan will focus on four areas of engagement namely Investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience, and strengthening the foundations of the public sector.

The bank’s board of directors also approved $1.5 billion for two projects in Nigeria.

The projects are Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability, and Sustainability Programme for Results (SFTAS) Additional Financing.

Both projects will get a $750 million facility through the International Development Association (IDA).

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