The World Bank has approved a $1.5 billion loan for Nigeria to help investment in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.
The loan, according to a statement by the bank on Tuesday, is a five-year country partnership framework (CPF) that will last from 2021 to 2024.
Shubham Chaudhuri, World Bank Country Director for Nigeria, said the loan would focus on four areas of engagement namely, investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience, and strengthening the foundations of the public sector.
Chaudhuri said, “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.
“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 bank had in 2018 approved $486 million to improve the electricity transmission network and infrastructure in Nigeria.