The government of Nigeria and the World Bank have signed a new five-year Country Partnership Framework (CPF) from 2021 to 2024.
Nigeria, based on this partnership, secured a $1.5-billion package to help build a resilient recovery post-Covid-19.
The sharp fall in oil prices as a result of Covid-19 plunged Africa’s most populous nation into its deepest recession since the 1980s.
‘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’, World Bank Country Director for Nigeria, Shubham Chaudhuri, said in a statement.
‘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 bank said the $1.5 billion was approved for the Nigeria Covid-19 Action Recovery and Economic Stimulus (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Programme for Results (SFTAS).
The Nigeria CARES programme, according to the statement, will help increase access to social transfers and basic services and provide grants to poor and vulnerable households.
It will also strengthen food supply chains for poor households while facilitating recovery and enhancing capabilities of MSMEs.
‘The additional financing will help meet the financing gap in the programme expenditure framework due to the sharp reduction in government revenues associated with the crisis’, the bank said.
The bank said it was taking broad, fast action to help developing countries strengthen their pandemic response.
For his part, Director, International Finance Corporation (IFC) for Southern Africa and Nigeria, Kevin Njiraini, said a strong private sector was critical to support Nigeria’s economic growth and development.
He added that the CPF leverages the bank to enable business growth that was inclusive and sustainable.
‘IFC will continue to support a broader private sector-led growth strategy to help Nigeria realise its immense potential by attracting more investment and creating millions of quality jobs for its growing population’, Njiraini said.
Source: World Bank
Photo source: Zouzou Wizman
