July 8, 2022

Nigeria secures Lion’s share of $65bn World Bank funding

World-bank The Federal Government of Nigeria, on Thursday, secured the biggest share of the $65bn (N27tn) funding from the World Bank’s International Development Association to African countries.

This was as the international organisation unveiled the 20th replenishment package, IDA-20, in Dakar, the Senegalese capital, to help low-income countries respond to the COVID-19 crisis and build more resilient economies.

According to a statement signed by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, 70 per cent ($65bn) of the entire package which amounted to $93bn (N38tn), will be channeled to various African states with the largest share being allocated to Nigeria.

The statement is titled ‘At Dakar summit, Nigeria gets a big slice of IDA financial package

The President, Major General Muhammadu Buhari (retd.), who joined other African leaders in Dakar, said the “largest financial package ever mobilized in the history of the IDA” will prioritize some key areas such as: Agriculture and Food Security, Human Capital, Climate Change Adaptation, Bridging the Gender Gap, Job Creation, Digital and Technological Innovation, among others.”

He also called on global partners for concerted efforts to help mitigate the aftershocks of the Covid-19 pandemic and stabilise developing economies towards sustainable growth.

Buhari, who spoke at the Opening Dialogue of African Heads of State on Development Challenges and Priorities at the International Development Association Summit for Africa—convened by Macky Sall, the President of Senegal and African Union Chairman—said Nigeria, through job creation, was determined to build an economy that is capable of withstanding shocks.

“I am pleased to also note that this is the largest financial package ever mobilized in the history of the IDA and this package will prioritize some key areas such as: agriculture and food security, human capital, climate change adaptation, bridging the gender gap, job creation, digital and technological innovation, among others.

“I wish to therefore call for concerted global efforts to mitigate and sustain food systems. These efforts must involve key stakeholders, including Governments, Farmers, Investors, Multilateral Organizations, Regional Bodies, International Financial Institutions, Private Partners and Civil Societies.