Jakarta: 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 Nigeria build resilient recovery post-covid-19.
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.
"This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” said Shubham Chaudhuri, World Bank Country Director for Nigeria, in a press release on Tuesday.
"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," Chaudhuri stated.
The CPF will focus on four areas of engagement: investing in human capital, enhancing resilience, promoting jobs and economic transformation and diversification, and Strengthening the foundations of the public sector.
Prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), this CPF proposes a collaborative approach of how resources across the entire Bank Group can best support the Government’s effort to achieve its goal to lift 100 million citizens out of poverty.
The World Bank Board of Directors also approved $1.5 billion for two projects, namely Nigeria Covid-19 Action Recovery and Economic Stimulus (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).
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