The World Bank has explained why it will continue to approve loans for the Nigerian government.
The World Bank Country Director for Nigeria, Dr. Ndiamé Diop, shared this with newsmen on Thursday at the launch of the Nigeria Development Update report in Abuja, which was attended by Nairametrics analysts.
Among other reasons, Diop sees Nigeria as an important partner in the World Bank’s objectives and projects.
More Loans
When asked if the World Bank would still provide loans to Nigeria, Diop responded affirmatively, stating that the country remains a crucial partner.
“Yes. Nigeria is a very important partner of the World Bank. We’ve been providing technical support, as well as financing,” he said.
He explained, however, that the Bank’s financing comes with technical support and implementation assistance to ensure that projects proceed according to plan.
“This is the reason, in addition to the concessional nature of the financing, that many countries are interested in working with us. It’s not just about financing.
“It’s also about implementation and ensuring that you achieve results from that financing, enabling institutions and individuals so that we can achieve sustainability goals,” he added.
He stressed that the World Bank is prepared to continue providing loans to Nigeria, highlighting that several projects financed by the World Bank are currently in the “pipeline” for this fiscal year.
“These are government projects implemented mostly by the states, but also by the federal government, covering areas such as human capital, health, primary healthcare, education, rural roads, irrigation, and dam safety. All of these projects are being processed right now for Nigeria this year,” he stated.
Additionally, he explained that the World Bank is committed to partnering with the Nigerian government to address current economic challenges by supporting local SMEs, farmers, and women in communities to help them cope with the rising cost of living.
What You Should Know
Nairametrics previously reported that the World Bank has approved three new projects for Nigeria, totalling $1.57 billion in financing.
- According to a statement released on Monday by the World Bank of Nigeria, the new funding will support the country in addressing governance challenges in education and healthcare, improving primary healthcare services, and increasing resilience to climate change through enhanced dam safety and irrigation infrastructure.
- The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.
- This financing package, which includes a $1.5 billion loan and a $70 million grant, is part of broader efforts to improve key sectors such as education, healthcare, and water management while also tackling poverty and boosting productivity.
- The $1.57 billion funding is divided across three major projects. The first, the HOPE-GOV program, will receive $500 million to improve governance in the education and health sectors.
This program is designed to address underlying issues in financial and human resource management that have hindered service delivery.
The aim is to enhance transparency and accountability while ensuring that critical services such as basic education and primary healthcare reach the most vulnerable populations.