Vanguard (Lagos)

Nigeria: 'World Bank Assisted With U.S.$500 Million Loan to Combat Global Financial Crisis'

By Omoh Gabriel, 24 February 2012
Photo: IRIN
Bridge overlooking Lagos central business district,Nigeria.

The World Bank extended a loan of $500 million for support to Nigeria during the global financial crisis.

This fact is contained in the just released Independent Evaluation Group report of the World Bank.

According to the Bank "Nigeria faced serious fiscal issues at the onset of the crisis and the funds were given to Nigeria in the form of budgetary support to the government, for undertaking policy reforms, both in the areas of fiscal management and financial sector reform.

In terms of the content of policy reforms, there were some positive areas, however some other longer term opportunities for reform may not have been seized and overall, the programme was moderately satisfactory in terms of its achievements."

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