Nigeria will receive $1.5 billion loan from the World Bank. The requested loan facility was jointly facilitated by the international Finance Corporation (IFC) and the Multilateral Investment Guarantee (MIGA). The loan is a five year country partnership that will be deployed 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.’
The World Bank noted that the loan was provided to help Nigeria reduce poverty and enhance ‘private sector- led growth’. The loan intends to achieve five fundamental goals which comprise investment in human capital, promoting jobs and economic transformation, diversification, enhancing resilence, and strengthen the foundation of the public sector.
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The World Bank had approved two projects for the deployment of the loan through the International Development Association. The projects 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) and Additional Financing.
