- The World Bank has granted Nigeria’s request for a loan of $1.5 billion.
World Bank made the announcement in a statement on Tuesday, noting that the facility is a five-year Country Partnership Framework (CPF) that will start from 2021 to 2024.
The loan is aimed to boost Nigeria’s efforts to reduce poverty.
World Bank Country Director for Nigeria, Shubham Chaudhuri said Nigeria’s Partnership Framework will guide World Bank’s engagement for the next five years in supporting the country’s strategic priorities by taking a phased and adaptive approach.
World Bank Board of Directors approved the $1.5 billion for two projects, which include: 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).
World Bank in the statement said Nigeria is at a critical juncture, hence the approval of the loan.
With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s.