The World Bank has pledged to invest over $15 billion in support of 30 development projects aimed at alleviating poverty and enhancing the lives of Nigerians, amidst economic challenges. This commitment was revealed in a statement released by the Washington-based institution.
The projects established in Nigeria are designed to address the issue of poverty and uplift the standard of living across both federal and state levels. In addition to financial aid, the World Bank has provided expert counsel and assistance in analyzing complex scenarios, recommending effective policies, fortifying institutions, and facilitating project implementation on the ground.
The World Bank’s contribution encompasses a broad spectrum of support, ranging from analytics, policy advisory, and institutional strengthening to implementation aid. The International Finance Corporation (IFC), a member of the World Bank Group, has also invested significantly in Nigeria, with a focus on promoting diversified growth, inclusion, sustainability, and job creation.
IFC’s efforts in Nigeria encompass initiatives to expand access to universal and renewable energy, facilitate increased financial access for micro, small, and medium-sized enterprises (MSMEs), and bolster the agribusiness and manufacturing sectors to enhance food security, meet domestic requirements, and boost exports.
Meanwhile, Nigeria’s inflation surged to 28.92% in December, resulting in a substantial rise in living expenses. Consequently, citizens in Suleja, Niger State, and Lokoja, Kogi State, have staged protests against the escalating cost of living.
