The World Bank says it has committed over $15 billion to support 30 development programmes across Nigeria.
The Bank made this known in a statement on Wednesday, saying the projects which are meant to tackle poverty and improve the lives of Nigerians spread across the federal and state levels.
Part from the financial assistance, the world bank said it had offered expert advice and support on various fronts, which it stated “analyse complex situations, suggest effective policies, strengthen institutions,” and even help with implementing projects on the ground.
The statement said: “The World Bank provides large-scale concessional financing for the development programmes of both the federal and state governments; as of January 2024, 30 of such programmes are under implementation financed by over US$15 billion in commitments. The World Bank also provides support through analytics, upstream policy advisory, institutional strengthening, and implementation support initiatives.
“The International Finance Corporation (IFC) investment portfolio in Nigeria is the second largest in Africa and stands at US$2 billion. IFC’s strategic objectives in Nigeria are aimed at supporting diversified growth, enhancing inclusion, and promoting sustainability and job creation.
“IFC’s work in Nigeria boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs) through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow exports.’’
Meanwhile, the Bank’s Managing Director of Operations, Anna Bjerde has met with Nigerian officials led by Wale Edun, the Minister of Finance and Coordinator of the Economy, where she discussed the urgent need for the country to implement economic reforms.
The bank’s chief is on a 3-day visit to the country.
