Nigeria: World Bank Approves $1.5bn for States Social Protection, Covid-19 Response
15 December 2020
By Obinna Chima
The World Bank Group has approved a $1.5 billion package to help build a resilient recovery post-COVID-19 for state-level intervention in Nigeria.
In addition, the multilateral institution discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024 for Nigeria.
The $1.5 billion was part of a $3 billion loan request the federal government had been pushing for.
A statement from the bank reiterated that Nigeria was at a critical juncture, adding that with the sharp fall in oil prices as a result of COVID-19, the economy was projected to contract by over four per cent in 2020. This, it anticipated would plunge the country into its deepest recession since the 1980s.
Date Time
World Bank Group to Boost Nigeria’s Efforts to Reduce Poverty
New Country Partnership Framework discussed and $1.5 billion approved for social protection and strengthened state-level COVID-19 response
WASHINGTON, December 15, 2020 – The World Bank Group (WBG) discussed 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-COVID19.
Nigeria is at a critical juncture. With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020.
By Obinna Chima
The World Bank Group has approved a $1.5 billion package to help build a resilient recovery post-COVID-19 for state-level intervention in Nigeria.
In addition, the multilateral institution discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024 for Nigeria.
The $1.5 billion was part of a $3 billion loan request the federal government had been pushing for.
A statement from the bank reiterated that Nigeria was at a critical juncture, adding that with the sharp fall in oil prices as a result of COVID-19, the economy was projected to contract by over four per cent in 2020. This, it anticipated would plunge the country into its deepest recession since the 1980s.