World Bank approves $1.5bn for Nigeria to reduce poverty

By Chinenye Festus:-

A statement released by World Bank on Tuesday shows that they have finally approved Nigeria’s request for a $1.5 billion Loan.

“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s.

Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5million Nigerians into poverty in 2020,” the statement read in part.

World Bank Country Director for Nigeria, Shubham Chaudhuri said.
“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,”

The World Bank noted that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.

“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 stated the motive of the loan granted to Nigeria is to promote jobs and economic transformation and diversification which would help with measures to unlock private investment and job creation and increase access to reliable and sustainable power for households and firms.

He said It would ensure strengthening the foundations of the public sector by improving public financial management and strengthening the social contract between citizens and government through improved fiscal and debt management.

The Country’s partnership framework will also enhance resilience by strengthening service delivery and livelihood opportunities in the Northeast and other regions grappling with insecurity, as well as modernising agriculture and building climate resilience.