Nigeria, Africa’s largest economy, has received over $11 billion in financial support from the World Bank Group in the last three years, according to the bank’s country director for Nigeria, Shubham Chaudhuri.
Chaudhuri disclosed this on Tuesday at a virtual media briefing on the bank’s Nigeria Development Update (NDU) report. He said that the bank had committed over $11 billion in financing 60 projects across various sectors in Nigeria since 2020.
He explained that the bank’s support was aimed at helping Nigeria address its development challenges, especially after the COVID-19 pandemic, which had worsened the country’s economic and social situation.
According to the NDU report, Nigeria’s economy contracted 1.8% in 2020, the deepest recession since 1983. The report projected a modest recovery of 1.9% in 2021 and 2.1% in 2022 but warned that the outlook remained highly uncertain and subject to downside risks.
The report also highlighted the need for Nigeria to implement structural reforms to boost productivity, competitiveness, and job creation. It recommended that the government focus on improving public sector management, enhancing the business environment, strengthening social protection systems, and investing in human capital.
Chaudhuri said the World Bank supported Nigeria’s efforts to achieve these objectives. He noted that some of the bank’s ongoing projects in Nigeria included interventions in health, education, agriculture, water, power, transport, and governance.
He added that the bank also worked with the government and other partners to provide COVID-19 vaccines to Nigerians. He said the bank approved $114 million in August 2020 to help Nigeria prevent, detect, and respond to the pandemic. He said the bank also prepared a $750 million project to support Nigeria’s COVID-19 vaccination campaign.
Chaudhuri expressed optimism that Nigeria could overcome its challenges and achieve its potential with sustained reforms and investments. He said that the World Bank would continue to collaborate with Nigeria to promote inclusive and sustainable development for the benefit of all Nigerians.
Source: Nairametrics
