World Bank Group (WBG) has discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024 for Nigeria and approved a $1.5-billion loan to help build a resilient recovery post-COVID19.
The Bank in statement says Nigeria is at a critical position with the sharp fall in oil prices as a result of COVID-19 and that the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s.
It notes that Government revenues could fall by more than $15 billion this year, and the crisis will push an additional 5 million Nigerians into poverty.
The statement indicates that the Country Partnership Framework will guide the World Bank’s engagement for the next 5 years in supporting Nigeria’s strategic priorities by taking a phased and adaptive approach.
The World Bank Country Director, Shubham Chaudhuri, said “To realize its long-term potential, Nigeria has to make tangible progress on key challenges and pursue some bold reforms.
He added that the Bank would focus on supporting Nigeria’s efforts at reducing poverty and promote sustained private sector-led growth.