Nigeria’s $1.5 billion loan request from the World Bank has been finally approved by the Bank.
In a statement of approval on Tuesday by the World Bank Country Director for Nigeria, Shubham Chaudhuri said the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
His words: “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,”
World Bank Board of Directors approved the $1.5 billion for two projects, which include: 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).
“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.
The World Bank noted that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
This CPF proposes a collaborative approach of how resources across the entire Bank Group can best support the Government’s effort to achieve its goal to lift 100 million citizens out of poverty.
“The Country Partnership Framework leverages the World Bank Group to enable business growth that is inclusive and sustainable,” IFC Director for Southern Africa and Nigeria, Kevin Njiraini also said.
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