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Good Or Bad News: World Bank Finally Approves $1.5 Billion Loan For Nigeria

As if the nation is not in debt enough from various angles, bodies, parastatals, countries, not to mention names, of which are still unsettled.
Alas after a long run and haul of attempts by the Federal government of Nigeria is set  to get yet another loan from the World Bank, update information has it that Nigeria has finally being approved of a $1.5 billion loan to be used to cushion the effects of coronavirus pandemic.

Nigeria will have a humongous sum of $1.5 billion loan to help the country tackle the effects and damages that the coronavirus caused  pandemic has caused.

According to the Bretton Woods institution, the loan facility is a five-year Country Partnership Framework (CPF) that will span from 2021 until 2024.

This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” said Shubham Chaudhuri who is the World Bank’s Country Director for Nigeria.

To realize 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.”

The loan of $1.5 billion is said to be basically aimed towards two major projects in Nigeria, namely: Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

Nigerian Government revenues have dipped by 60 percent due to a crash in global oil prices and the COVID-19 pandemic leading to the country’s economic recession.

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