World Bank Invests $8 Billion To Nigeria In 12 Months
According to Punch, the World Bank committed a total of $7.93 billion during the fiscal year 2022, which ran from July 2021 to June 2022.
According to information available from the bank’s website, this represented a rise of 74.67% over the $4.54 billion recorded in the fiscal year 2021, which ran from July 2020 to June 2021.
The World Bank claims that pledges covered the full amount of loans for which contracts were executed during the given year.
The data was collected from 2018 to 2022 and included loans from both the International Bank for Reconstruction and Development and the International Development Association of the World Bank.
The World Bank allocated $38.2 billion in total to Nigeria between 2018 and 2022.
The greatest pledge over this time span, $10.45 billion, was made in 2018.
According to a recent Punch article, Nigeria moved up the list of the top 10 International Development Association borrowers due to increasing debt.
Nigeria was ranked fifth on the list as of June 30, 2021, according to the World Bank’s Fiscal Year 2021 audited financial accounts, in particular the IDA financial statement, which showed IDA debt stock at $11.7 billion.
Nigeria had risen to the fourth spot on the list, according to the World Bank’s Fiscal Year 2022 audited financial records for IDA, with a $13 billion debt stock as of June 30, 2022.
Except for Nigeria, the top five nations on the list somewhat decreased their IDA debt stock.
The World Bank said it has approved the Nigeria State Action on Business Enabling Reforms Program-for-Results in a statement released on Thursday.
The $750 million IDA credit is designed to help Nigeria speed up the implementation of important steps that would strengthen the business enabling environment in states.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, was quoted in the release as saying, “Following the significant progress made by states on fiscal reforms through the State Fiscal Transparency, Accountability and Sustainability program, the SABER programme endeavours to offer similar support to the states to undertake critical business-enabling policy and institutional actions that will incentivize private sector development.
“Private sector investments remain the major vehicle to create more jobs, increase revenues to the states and improve social and economic outcomes for citizens.”
States in Nigeria were earlier to get the first installment of the $750 million World Bank loan from the SABER program by December 2022, as exclusively revealed by the PUNCH.
According to reports, Nigerian states would get between $0.5 million and $4 million dependent on certain disbursement requirements.