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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 yesterday 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...

Views: Visits 15 The World Bank Group has approved a 1.5 billion dollars package to help build a resilient recovery post-COVID-19 in Nigeria. This is according to a statement issued by the group on Tuesday in Washington D.C. It added that the group also discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024. It said that Nigeria was at a critical juncture and with the sharp fall in oil prices as a result of COVID-19, the economy was projected to contract by over 4 per cent in 2020. This, it said, would plunge the country into its deepest recession since the 1...

Views: 444 After threatening to withhold $1.5 billion until Nigeria carries out foreign exchange reforms to its satisfaction, the world Bank has finally approved the facility for Nigeria. While Nigeria is still working on its forex reforms, it appears the World Bank was moved to change its mind because “government revenues could fall by more than $15 billion this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020.” In a statement issued on Tuesday, the World Bank said its board has approved the $1.5 billion for two projects. These are: an International D...