World Bank pledges $8.8bn Nigeria investment

The World Bank has announced a pledge of $8.8 billion (N2.7 trillion) investment strategy to Nigeria for the 2019 fiscal year following the just concluded visit to Nigeria.

The investment strategy, made in a statement monitored on Premium Times, would be implemented under the World Bank’s Nigeria Country Partnership Strategy (NCPS) through the International Development
Association (IDA) and the International Bank for Reconstruction and Development (IBRD).

The strategic investment, under the NCPS is geared towards increasing the bank’s development assistance to the country as well as to exploit synergies for generating maximum development impact through innovative solutions while leveraging World Bank Group’s knowledge and technical expertise, including through other partners’ resources.

The World Bank officials, during their visit, expressed their excitement over the growth and performance of the Nigerian economy.

The team, according to Patrizio Pagano, the executive director for Italy, Albania, Greece, Malta, Portugal, San Marino and Timor-Leste, was in Nigeria to 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,” he said.

In an interactive meeting with private sector executives, the Group noted the role the private sector could play in job creation and inclusive growth.

They equally highlighted the need to sustain business reforms and provide affordable and reliable power to improve the living standards of Nigerians, amongst other recommendations.