The International Bank for Reconstruction and Development (World Bank) has approved a loan of $1.5bn to the Nigerian government.
The World Bank and the Nigerian government are working on a new partnership framework that will help Nigeria achieve a good and sharp recovery from the effects of the COVID-19 pandemic.
According to the World Bank’s statistics, Nigeria may lose up to $15bn in revenue in 2020, and that may see 5million more people in a state of poverty.
Country Director for Nigeria, Shubham Chaudhuri, said,“… 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.
“To realise 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.”
The organisation said the partnership framework will see the World Bank helping Nigeria to promote human capital development, diversify and transform its economy, build resilience and promote job creation.
The model is also expected to aid Nigeria with more health infrastructure, increase access to basic healthcare and education and help social promotion and assistance.
Nigeria is currently in recession, according to the world bank with the COVID-19 pandemic blamed for it.