World Bank Gives $1.5billion Loan to Nigeria – The long awaited response of the request made by the Federal Republic of Nigeria to be given loan has just been approved by World Bank. World Bank approves to give $1.5 billion to Nigeria as a way to boost its economy.

World Bank Gives $1.5billion Loan to Nigeria – BasedOnNews

As a way to lessen poverty in the country, Nigeria, World Bank agrees to give Nigeria a loan of $1.5 billion. This information was reported on Tuesday.

The World Bank Board of Directors approved the loan to be offered to Nigeria under two project conditions:

• 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).

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According to World Bank in their statement; they revealed that Nigeria is a critical point and that is why the loan was approved. See as it was said;

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“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020,” the statement read in part.

The World Bank Country Director for Nigeria, Shubham Chaudhuri said, “This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach.’’

The IFC Director for Southern Africa and Nigeria, Kevin Njiraini also said. “The Country Partnership Framework leverages the World Bank Group to enable business growth that is inclusive and sustainable.’’

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