Ebun Olowu
The World Bank has announced its approval of Nigeria’s request for a $1.5 billion loan to boost the country’s efforts to reduce poverty.
This was stated in a statement by World Bank on Tuesday, December 15 2020, noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, said, “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 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.”
World Bank Board of Directors approved the $1.5 billion for two projects: 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).
The World Bank said the CPF will focus on four areas of engagement which are investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.
