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World Bank commits over $15bn to 30 projects in Nigeria

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The World Bank said it committed over $15 billion to support 30 development programmes across Nigeria amid economic hardship.

The Washington bank disclosed this in a statement on Wednesday.

According to the World Bank, the projects initiated in Nigeria were meant to tackle poverty and improve Nigerians’ lives across the federal and state levels.

Apart from the financial assistance, the World Bank said it had offered expert advice and support on various fronts, which it stated, “analyse complex situations, suggest effective policies, strengthen institutions,” and even help with implementing projects on the ground.

“The World Bank provides large-scale concessional financing for the development programmes of both the federal and state governments; as of January 2024, 30 programmes are under implementation, financed by over US$15 billion in commitments.

“The World Bank provides support through analytics, upstream policy advisory, institutional strengthening, and implementation support initiatives.

“The International Finance Corporation, IFC investment portfolio in Nigeria is the second largest in Africa and stands at US$2 billion. IFC’s strategic objectives in Nigeria are to support diversified growth, enhance inclusion, and promote sustainability and job creation.

“IFC’s work in Nigeria boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs through financial intermediaries, and supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow exports,” it stated.

FIDELINFO reports that Nigeria’s December inflation figure rose to 28.92 per cent as living costs hit the roof.

Consequently, in recent times, some Nigerians in Suleja, Niger State, and Lokoja, Kogi State, have protested against the rising cost of living.

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