The Nigerian government has gotten approval for its $1.5 billion loan request from the World Bank.
Bretton Woods institution reveals the loan facility granted Nigeria is a five-year Country Partnership Framework (CPF) that spans between 2021 and 2024.
“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,” said Shubham Chaudhuri who is the World Bank’s Country Director for Nigeria
“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.
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The $1.5 billion was also tied to two projects in Nigeria. The projects are Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).
The Nigeria economy had slid into recession following the COVID-19 pandemic.