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Saturday 23rd October 2021,
Hope for Nigeria

W/Bank to assist Nigeria with $8bn in projects in 4 years

The World Bank has approved a Country Partnership Strategy (CPS) for Nigeria which will increase its development assistance to the country for job creation, social service delivery and governance to about US$2 billion per year through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) financing.

The new CPS which covers the period of FY2014-2017 introduces a change in the country’s borrowing status. Nigeria was declared credit worthy for IBRD financing last year, and is officially entering blend status from July 1, 2014. This CPS has been prepared in the context of the World Bank’s renewed commitment to the twin goals of reducing extreme poverty, and promoting shared prosperity in Nigeria and globally. It is fully aligned with Nigeria’s development agenda, Vision 2020, and its medium-term strategy for realising that vision; the Transformation Agenda.

In support of these objectives, the CPS programme is structured around three areas: (a) to promote diversified growth, job creation by reforming the power sector, enhance agricultural productivity, and increase access to finance; (b) to improve the quality and efficiency of social service delivery at the state level to promote social inclusion; and (c) to strengthen governance and public sector management with gender equity and conflict sensitivity as essential elements of governance.

“The CPS seeks to address inequalities in income and opportunities for the poor and vulnerable by developing more effective mechanisms for social service delivery, including social protection programmes, education, health and water service delivery”, said Marie Francoise Marie-Nelly, World Bank Country Director for Nigeria.

The CPS represents the joint World Bank Group’s programme under a common donor platform known as the Country Assistance Framework (CAF) to work in close co-operation among development partners to enhance the effectiveness, transformational impact of national efforts, and avoid duplication of tasks. This approach of the CAF is proving very effective for better co-ordination and synergy among partners’ strategies of support to Nigeria.

“The bulk of the financing program will focus on increasing installed power generation and transmission capacity, and to improve the efficiency and governance of electricity delivery”, said Indira Konjhodzic, World Bank Task Team Leader for the CPS. She added, “Boosting agricultural productivity; improving farmers’ linkages with agro-processors; and increasing access to finance including long-term financing to the citizens particularly women, is a major focus of this partnership strategy”.

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