By Ahmed Rahma
The world bank has finally granted Nigeria the sum of $1.5 billion loan which was earlier delayed due to concerns over reforms in the country.
On Tuesday, the Bretton Wood institution announced the approval of the credit facility requested by Nigeria in the wake of the devastating coronavirus pandemic.
According to the global lender, Nigeria was at a critical juncture and with the sharp fall in oil prices as a result of COVID-19, the economy was projected to contract by over 4 per cent in 2020, plunging the country into its deepest recession since the 1980s.
According to a statement entitled World Bank Group to boost Nigeria’s efforts to reduce poverty by the bank, government revenues could fall by more than $15 billion in 2020 and the crisis would push an additional 5 million Nigerians into poverty in 2020.
Speaking on the Country Partnership Framework from 2021 to 2024, the World Bank Country Director for Nigeria, Mr Shubham Chaudhuri, said the loan would focus on four areas of engagement namely, investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.
He mentioned that, “This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach.
“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.”
Some of the reforms which had earlier delayed the loan included the unification and flexibility of the exchange rate, removal of fuel subsidy, increase in electricity tariffs amongst others.
The bank had in 2018 approved $486 million to improve electricity transmission network and infrastructure in Nigeria.
Dipo Olowookere 
Adedapo Adesanya