World Bank invests $10.7 billion in projects in Nigeria

World Bank Building

A delegation from the World Bank comprising of 10 executive directors has said a total of $10.734 billion has been invested in projects and programmes in Nigeria.

The delegation said it was satisfied with the revamping economy of the nation and vowed to do more to ensure a speedy growth rate.

In a statement released by the World Bank on Monday, on the visit, the head of the delegation, Dr.  Patrizio Pagano, who is the Executive Director for Italy, Albania, Greece, Malta, Portugal, San Marino and Timor-Leste, said:  “Our visit to Nigeria is to help us get a better understanding of the country context, assess the World Bank’s interventions on the ground, and support opportunities that will keep the country on a path of sustained development.

“We commend Nigeria’s implementation of its new Economic Growth and Recovery Plan, EGRP, and the Power Sector Recovery Plan, PSRP, both of which are important for regional integration to ensure trade and capital flows, which will ultimately lead to greater growth.”

The delegation met with Nigeria’s Vice President, Yemi Osinbajo; Minister of Finance, Governors from Adamawa, Bauchi, Borno, Gombe, Edo, Lagos, Taraba and Yobe states.

The security challenges in the Middle-Belt and North-East regions were discussed and how to achieve development in the midst of the environmental challenges.

The delegation gave a breakdown of total investment through Partnership Strategy extending to FY19 as $8.8 billion through the International Development Association, IDA, and International Bank for Reconstruction and Development, IBRD.

A sum of $1.6 billion was committed to The International Finance Corporation, IFC. The sum is IFC’s fifth largest global country exposure while  Nigeria is MIGA’s fifth largest country exposure in sub-Saharan Africa, with $334 million in current exposure.

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