World Bank Headquaters
The Nigerian government has secured $1.5 billion loans from the World Bank to strengthen the nation’s economy.
According to the Bretton Woods institution, the loan facility is a five-year Country Partnership Framework (CPF) that will last till 2024.
The World Bank Country Director for Nigeria, Shubham Chaudhuri said the partnership framework will help Nigeria’s strategic priorities by taking a phased and adaptive approach.
Chaudhuri added that the bank’s engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.
He opined that the country has to make tangible progress on key challenges and pursue some bold reforms to realize its long-term potential.
It was gathered that the loan was approved for Nigeria COVID-19 Action Recovery and Economic Stimulus.
Other areas of engagement include investment in human capital by increasing access to basic education, quality water, and sanitation services.
Also, it will help in improving primary healthcare and increasing the coverage and effectiveness of social assistance programs.
It will also focus on boosting digital infrastructure, and developing economic corridors and smart cities.