The World Bank has given Nigeria a grant of $8 billion for four years, as the global lender launched Nigeria’s Country Partnership Strategy (CPS), in Abuja, yesterday.
According to its strategy document, CPS is aimed at helping Federal and state governments boost socio-economic development for Nigerians.
Under this new CPS, Nigeria has officially moved to “blend status” for World Bank lending. This allows the country to continue to access the IDA window and start accessing the International Bank for Reconstruction and Development (IBRD) window.
The overall indicative allocation is US$8 billion.
Additional support will be provided by the International Finance Corporation, IFC, and the Multilateral Investment Guarantee Agency, MIGA.
Speaking at the occasion, the World Bank Country Director for Nigeria, Ms. Francoise Marie-Nelly, said the CPS was a response to Nigeria’s efforts at achieving a sustained socio-economic development, creating jobs for her teeming youths and reducing poverty in an economy of inclusive growth.
She said: “The new strategy is a joint product, developed in close consultation with the government of Nigeria and stakeholders under the Country Assistance Framework.
“It is a strategic platform developed by Nigeria’s partners to coordinate interventions and leverage resources to deliver strong results and development solutions.
“It reflects Nigeria’s development aspirations and commits the World Bank Group to working hand in hand to unleash Nigeria’s potential for the benefit of Nigerians.”