Post Covid-19: World Bank Approves $1.5bn Loan for Nigeria

Post Covid-19: World Bank Approves $1.5bn loan for Nigeria

To aid in cushioning the harsh impact on economy and help build a resilient recovery post-COVID19, the World Bank Group (WBG) discussed a new five-year Country Partnership Framework(CPF) from 2021 to 2024 for Nigeria and approved a 1.5-billion USD loan.

In a press statement, the global Bank said Nigeria is at a critical juncture with the sharp fall in oil prices as a result of COVID-19 and that the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s.

It notes that Government revenues could fall by more than 15 billion USD this year, and the crisis will push an additional 5 million Nigerians into poverty.

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The statement indicates that the Country Partnership Framework will guide the World Bank’s engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach.

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The World Bank Country Director, Shubham Chaudhuri, said “To realize its long-term potential, Nigeria has to make tangible progress on key challenges and pursue some bold reforms.

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He added that the Bank’s engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”