Wednesday, August 15, 2018
Business

BREAKING: Nigeria Govt receives $14.2 billion from World Bank

World Bank releases $14.2 billion to Nigerian government

The World Bank Group, which begins its week-long yearly Spring Meetings today in Washington has supported Nigeria with loans and International Development Association (IDA) credits worth about $14.2 billion since 1958.

The group, in the 2017 fiscal year, committed $1.51 billion to the country. So far in 2018, it has already spent $486 million on different development projects across the country.

Some of the projects being undertaken by the Bretton Wood Institution include Electricity Transmission Project, Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project, Polio Eradication Support Project and Housing Finance Development Programme, among others.

The World Bank Group is also helping to fight poverty and improve living standards in the country through 33 Core Knowledge Product Reports and 29 ongoing National and Regional projects.

This is in addition to about 60 Trust Funds.

Nigeria attends the meeting every year because of the quantum of investments and assistance it receives from both the IMF and the World Bank.

Although Nigeria currently has zero loans with the IMF, it enjoys technical support from the organisation.

Minister of Finance Kemi Adeosun and Central Bank of Nigeria (CBN) Governor Godwin Emefiele are in Washington DC to join other economic experts from around the world to discuss issues affecting global economy.

Discussions would take place under the auspices of the World Bank Group and the International Monetary Fund (IMF).

The Meetings will bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and the academia.

The experts will discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness.

There will also be seminars, regional briefings, press conferences and many other events with focus on global economy, international development and the world’s financial system.

Ambassadorchibs
the authorAmbassadorchibs
Ambassadorchibs is an orator, social entrepreneur, Youth Coordinator, seasonal writer and a prolific motivational speaker. He derives happiness in educating people about happenings around the world through the media.

Leave a Reply