Categories: AfricaFinance

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

marten

Recent Posts

Strategic FDI: How Developing Economies Can Attract Investment That Transforms

Foreign Direct Investment (FDI) remains a cornerstone of development strategies across emerging markets—but quality, not…

6 days ago

Strengthening the Custody Chain: Bank One Supports Africa’s Private Capital Evolution

Adecade ago, fewer than one in ten African pension funds reported exposure to private capital.…

6 days ago

Bridging the Gap: How AI Can Enhance Transparency, Governance and Unlock Africa’s Economic Potential Through FDI

A new era of transformation is dawning across Africa, though its light will not touch…

1 week ago

Africa’s $777bn Opportunity: Why Local Capital Must Power the Energy Transition

Africa stands at a critical energy crossroads. Countries must collectively come to terms with a…

2 weeks ago

Africa Enters an Age of Optimism

The upcoming UN General Assembly (UNGA) in New York presents an opportunity for world leaders…

2 weeks ago

Digital Health’s Q1 2025 Unicorn Baby Boom: Investors Bet Big on Innovation

The first quarter of 2025 saw an unprecedented rise in the valuation of digital health…

2 weeks ago