Statement on World Bank’s $2.1 Billion Support to Nigeria

Muhammadu Buhari

On Tuesday, July 21, 2015 the World Bank Group President Jim Kim held a meeting with Nigerian President Muhammadu Buhari at Blair House in Washington, D.C. In the meeting it was indicated that Nigeria has up toUSD $2.1 billion of uncommitted resources from the International Development Association(IDA) as well as other support from IBRD, for addressing the development challenges of Nigeria, including in the North East and the North, in particular.

The Acting World Bank Group Country Director for Nigeria, Indira Konjhodzicsays the Bank is ready to start discussions with the Nigerian authorities on how to move this agenda forward. “We are going to work closely with the Government of Nigeria to determine the best way to support their priorities in the context of our Country Development Framework and our commitment to ensure the continued growth and development momentum in Africa’s biggest economy.”

In order for World Bank lending to become effective, a project(s) must be prepared in consultation with the government that is borrowing, after which the project must be approved by the Bank’s board of executive directors.  The World Bank reiterates its commitment to support Nigeria in ending extreme poverty and promoting shared prosperity. Source


You may have an interest in also reading…

Calestous Juma: A Biotech Revolution for Africa

In western countries, the genetic modification of crops is often seen as a threat to the environment. Professor Calestous Juma

Jim O’Neill: The Return of Fiscal Policy

As we enter the last quarter of 2019 (and of the decade), cyclical indicators point to a slowing world economy

Otaviano Canuto, World Bank: Can Services Replace Manufacturing as an Engine for Development?

Manufacturing expansion has been a vehicle for job creation, productivity increases, and growth in non-advanced economies since the second half