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The World Bank has finally approved Nigeria’s request for a $1.5 billion loan.
The loan facility is a five-year country partnership framework (CPF) that would last from 2021 to 2024.
Shubham Chaudhuri, World Bank Country Director for Nigeria, who announced this in a statement on Tuesday, said the loan would focus on four areas of engagement namely, investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.
“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 stated.
“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.”
