The World Bank has finally approved a request for a $1.5 billion loan from Nigeria, which is expected to boost the economy of the West African country.
In a statement released on Tuesday, December 15, the Bretton Woods institution said the loan facility is a five-year System for Country Partnerships (CPF) that will last until 2024.
Shubham Chaudhuri, World Bank Country Director, Nigeria said;
This Country Partnership Structure will direct our commitment for the next five years to support the strategic goals of the Government of Nigeria through a phased and adaptive approach.
The Country Partnership Structure will direct our commitment for the next five years to support the strategic goals of the Government of Nigeria through a phased and adaptive approach.
The country has to make tangible progress on key issues and pursue some ambitious changes in order to realize its long-term potential. Our commitment will concentrate on supporting the efforts of Nigeria to reduce poverty and foster sustainable development driven by the private sector.
For two programs, including the Nigeria Covid-19 Action Recovery and Economic Stimulus Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results, the World Bank Board of Directors approved the $1.5 billion (SFTAS).
The CPF will focus on four areas of commitment, including investment in human resources by increasing access to basic education, quality water, and sanitation services; enhancing primary healthcare; and increasing the coverage and performance of social assistance programs.
In order to provide Nigerians with better livelihoods, it will also concentrate on boosting digital connectivity and building economic corridors and smart cities.