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

Amid economic difficulties, the World Bank claimed that it has committed more than $15 billion to fund 30 development initiatives throughout Nigeria.

This was revealed in a statement released by the Washington bank on Wednesday.

The World Bank claims that the initiatives started in Nigeria were designed to combat poverty and enhance the lives of Nigerians at both the federal and state levels.

In addition to providing financial support, the World Bank claimed to have provided professional guidance and assistance on several fronts, including “analysis complex situations, suggest effective policies, strengthen institutions,” and even assistance with project implementation 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’s 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.

According to ZINGTIE, as living expenses skyrocketed, Nigeria’s December inflation rate increased to 28.92 per cent.

As a result, several Nigerians have been protesting about the rising cost of living in Suleja, Niger State, and Lokoja, Kogi State, recently.

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