
The World Bank has approved Nigeria’s request for a $1.5 billion loan.
The bank said 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,” Shubham Chaudhuri, World Bank country director for Nigeria said.
“To realize 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.”
In a statement on Tuesday, the Bretton Wood institution 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 Program for Results (SFTAS) Additional Financing.
Both projects will get a $750 million facility through the International Development Association (IDA).
You may be interested

DJ Khaled to host MTV Africa Music Awards (MAMA) Kampala 2021
Webby - January 23, 2021Grammy® Award-winning global sensation, DJ and record executive, DJ Khaled, who is best known for his hip hop and R&B hit anthems,…

Nigeria receives first shipment of COVID-19 vaccines end of February 2021
Webby - January 23, 2021Members of the Nigeria Governors’ Forum (NGF), had at the meeting, deliberated on matters of national importance, particularly, on the…

Horror! 10-Year-Old Girl Strangles Herself To Death While ‘Taking Part In Shocking TikTok Challenge’
Webby - January 23, 2021File photo A young girl who was aged just ten has accidentally choked herself to death in Italy. The girl…