The World Bank has announced additional financial support for Nigeria, with country director Ndiame Diop highlighting the organisation’s focus on both technical and financial aid.
Speaking after the launch of Nigeria’s development update report in Abuja, Diop explained that Nigeria qualifies for more assistance, but stressed the importance of ensuring proper implementation.
This comes after the Washington-based institution, on September 24, approved three new financing initiatives totalling $1.57 billion to bolster Nigeria’s development efforts.
“Nigeria is a very important partner for the World Bank,” Diop stated, emphasising the significance of effective implementation alongside financial assistance. “We’ve been providing technical support but also financing. Our financing comes with technical support, implementation support, and really making sure that things go according to plan.”
Diop highlighted that the World Bank’s financial assistance is largely concessional, which makes it appealing to many countries looking to partner with the organisation. “It’s not just financing. It’s also about implementation and making sure that you get results from that financing,” he added. “And making sure that the financing enables something in the country, enables the institution, enables people so that we can achieve sustainability goals.”
He affirmed the Bank’s commitment to continue providing loans, noting that there are additional projects in the funding pipeline for the current fiscal year. “These are government projects implemented mostly by the states, but also in the federal government, which span across human capital, such as health, primary health care, but also education, rural roads, irrigation, and dam safety,” Diop explained.
The country director also mentioned that the World Bank is actively addressing pressing issues discussed during the event, such as support for local SMEs, farmers, and women in local communities to help them cope with rising costs.
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