The World Bank has finally approved Nigeria’s request for a $1.5 billion loan.
This was announced in a statement by the bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
“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 Country Director for Nigeria, Shubham Chaudhuri 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.”
The CPF will focus on four areas of engagement which are:
Investing in human capital by increasing access to basic education, quality water and sanitation services; improving primary healthcare; and increasing the coverage and effectiveness of social assistance programs. Additional investments in promoting women’s empowerment and youth employment and skills, especially for young women, will also help reduce maternal and child mortality.
Promoting jobs and economic transformation and diversification by supporting measures to unlock private investment and job creation and increasing access to reliable and sustainable power for households and firms. The CPF will also focus on boosting digital infrastructure, and developing economic corridors and smart cities, to provide Nigerians with improved livelihoods.
Enhancing resilience by strengthening service delivery and livelihood opportunities in the Northeast and other regions grappling with insecurity, as well as modernizing agriculture and building climate resilience.
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 World Bank Board of Directors also approved $1.5 billion for two projects which include The 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.