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W’Bank devoted over $11bn to Nigeria in 3yrs

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By Abraham Adekunle

Global financial institution says the country is at a critical stage.

Shubham Chaudhuri, World Bank’s Country Director for Nigeria, has said that the financial institution has committed over $11 billion in the past three years to the Nigerian government at both the federal and the sub-national levels. The director said this at the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries, and top government functionaries at the State House Conference Centre, Abuja. He said that the country was at a critical juncture to either continue going through business as usual with the risk of things falling apart or have the courage to chart a new course to take bold steps to see Nigeria finally rise to its true potential.

According to him, he hopes that through what the bank has been able to do, it will be able to continue supporting the country as it realizes this enormously important task. In his words, “Although we are at the World Bank, we’re a development organisation, and over the last three and a half, four years that I’ve been here, our board has committed over $11 billion in financing for the government, and our financing is meant to go to the government at both the federal and at the sub-national levels.”

Nigerian government should see W’Bank as more than just a bank.

Furthermore, he said that even though the organization has “World Bank” in its name, it is his hope that people think of it as more than just a bank. Chaudhuri hopes that the bank will be able to earn Nigeria trust and show that it has something more to offer like solutions to help think through and then implement the priorities, and the focus areas laid out by bringing in ideas and experience. So, financing is only part of the solution. The main solution is really the ideas and the vision. He expressed his commitment and that of the entire World Bank to supporting the country.

Chaudhuri also added that he felt privileged to have been in Nigeria for the last four years, especially in the last few months at this critical juncture where Nigeria faced the critical choice of
whether to continue business as usual or do something entirely new. While commending President Tinubu’s bold steps since the assumption of office, he said that in the last few months, the economy, society, the people, Nigerians have had to live through hard times, and the country has continued to be on the edge.

British Int’l Investment opens an office in Lagos, Nigeria.

He ended his speech by saying that the time has come to rebuild and recover, and that the president should count on the World Bank’s support even as there will still be some incredibly hard choices and decisions that the president and his cabinet will need to make. On his part, Richard Montgomery, British High Commissioner, said that Nigeria faces big security, economic, and
social challenges, but the United Kingdom’s government was willing to support the Tinubu-led administration.

Recently, British International Investment Plc, the UK government’s development finance institution, opened an office in Nigeria this week and said that it aims to commit $200 million before the end of the year. According to Benson Adenuga, who will be the lead for the new office, “We intend to invest about a billion dollars every year in Africa and a larger proportion of that investment will come to Nigeria.” The office will be located in Lagos, Nigeria’s commercial hub, and will serve as regional headquarters for BII’s West African operations. It will be the agency’s fourth office on the continent and joins operations in South Africa, Kenya and Egypt.

BII plans to invest $6bn in Africa in a five-year period.

Meanwhile, the organisation had said last year that it plans to invest $6 billion in Africa over the next five years in areas ranging from renewable power and digital infrastructure to supporting women-owned businesses. In Nigeria, it will support the government’s development initiatives through investments in key sectors such as food security, power infrastructure and manufacturing, Adenuga said. As it is, BII plans to complete investments in two Nigerian agriculture and processing firms by year-end after signing deals to invest $26.5 million in AFEX Commodities Exchange Ltd.


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AN-Toni
AN-Toni
Editor
1 month ago

W’Bank devoted over $11bn to Nigeria in 3yrs. – Global financial institution says the country is at a critical stage. – Express your point of view.

Taiwo
Taiwo
Member
1 month ago

In 3 years, W’Bank invested nearly $11 billion in Nigeria. – The country is at a critical point, according to a global financial institution, and plans to invest $6 billion in Africa over the next five years in areas like digital infrastructure, renewable energy, and supporting women-owned businesses will be great. In our country, investments in food security, power infrastructure, and other areas will also be made.

Kazeem1
Kazeem1
Member
1 month ago

Over $11 billion was committed to Nigeria by W’Bank in just three years. – A global financial organization claims that the nation is in a dire situation. By year’s end, BII hopes to have invested $26.5 million in AFEX Commodities Exchange Ltd. and two other Nigerian agriculture and processing companies. This gracious cooperation will enhance and assist the agricultural sector in our nation.

Adeoye Adegoke
Adeoye Adegoke
Member
1 month ago

That’s great news! The World Bank’s dedication of over $11 billion to Nigeria over the past three years shows the recognition of the country’s critical stage and the need for support and investment. This financial assistance can play a vital role in addressing various challenges and promoting sustainable development in Nigeria. The funds can be utilized to strengthen key sectors such as infrastructure, education, healthcare, and agriculture, which are crucial for the country’s growth and well-being. By investing in infrastructure projects, such as roads, bridges, and power plants, the World Bank can help improve connectivity, stimulate economic activities, and create job opportunities. Additionally, allocating funds to education and healthcare can enhance human capital development, improve access to quality education and healthcare services, and ultimately contribute to poverty reduction. Furthermore, supporting the agricultural sector can boost food security, increase farmers’ productivity, and promote rural development. It’s important for the Nigerian government to work closely with the World Bank to ensure that these funds are utilized effectively and transparently, with a focus on achieving sustainable and inclusive growth. This collaboration can help address the country’s challenges, unlock its potential, and create a brighter future for all Nigerians.