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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).
In a statement on Tuesday, December 15, the Bretton Wood institution said the facility is a five-year country partnership framework (CPF) that will last from 2021 to 2024.
According to Shubham Chaudhuri, World Bank country director for Nigeria, “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 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.
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