The World Bank Group has announced a new five-year Country Partnership Framework (CPF) from 2021 to 2024 and approved a $1.5-billion package to help build a resilient recovery post- COVID-19.
In addition to that, the Bank also announced that it has approved $1.5 billion for two projects, which include: Nigeria COVID-19 Action Recovery and Economic Stimulus - Programme for Results (Nigeria CARES).
The Bank in a statement yesterday said the fund is approved for social protection and strengthened state-level COVID-19 response.
"Nigeria is at a critical juncture," the bank said in the statement. The bank said government revenues could fall by more than $15 billion this year, and the crisis will push an additional five million Nigerians into poverty in 2020.
World Bank Country director for Nigeria, Shubham Chaudhuri says the partnership framework is designed to guide the bank's engagement for "the next five years in supporting the government of Nigeria's strategic priorities by taking a phased and adaptive approach.
"To realise its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria's efforts to reduce poverty and promote sustained private sector-led growth," Chaudhuri said yesterday.
The two projects to be supported by the Bank is to help increase access to social transfers and basic services, as well as provide grants to poor and vulnerable households. It will also strengthen food supply chains for poor households while facilitating recovery and enhancing capabilities of MSMEs. It would be financed through an International Development Association (IDA) credit of $750 million.