WORLD BANK HAS APPROVED A LOAN WORTH OF $1.5bn LOAN FOR NIGERIA
This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
The Bretton Woods institution in a statement released on Tuesday December 15, said the loan facility is a five-year Country Partnership Framework (CPF) that will last till 2024.
The Bretton Wood institution earlier delayed the loan which was sought by Nigeria in the wake of the devastating impact of the coronavirus pandemic due to concerns over reforms as it feels that the country has not shown enough commitment towards achieving them.
Shubham Chaudhuri, World Bank Country Director for Nigeria, said the loan would 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.
“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 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.”
The bank had in 2018 approved $486 million to improve electricity transmission network and infrastructure in Nigeria.