World Bank Gives Fresh $1.5b Loan to Nigeria

World Bank Gives Fresh $1.5b Loan to Nigeria.

The International financial institution has confirmed that Nigeria is set to receive approved $1.5 billion loan from World Bank to implement specific developmental projects.

On Tuesday, World Bank country director for Nigeria, Shubham Chaudhuri said the approved loan facility has a five-year tenure which will run between 2021 and 2024.

The World Bank added that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

 “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,” Chaudhuri said.

 “To realize 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.”

Specifically, the loan is expected to be deployed in areas of human capital development, job creation, economic transformation, and diversification, as well as strengthening the foundations of the public sector.