Nigeria has successfully secured another $1.5bn loan from world bank to help cope with the adverse effect of the COVID-19 pandemic on the economy.
The bank group confirmed the loan deal in a statement entitled “World Bank Group to boost Nigeria’s efforts to reduce poverty,” on Tuesday.
According to the statement, Nigeria is currently facing the deepest recession since the 80s due to the sharp fall in crude oil prices as a result of Covid-19 and a little help from world will go a long way.
Government revenues could fall by more than $15bn in 2020, and the crisis would push an additional five million Nigerians into poverty in 2020, according to the World Bank.
The World Bank 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 World Bank said the CPF will focus on four areas of engagement which are investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.
