Nigeria to get $1.5 billion loan from World Bank to strengthen economy

Nigeria's President Buhari

Nigeria’s request to the World Bank for a $1.5 billion loan has been approved.

This was revealed in a statement by World Bank today, Tuesday, December 2020.  The loan is aimed to Boost Nigeria’s efforts to reduce poverty.

According to the statement, the World Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

World Bank in the statement said Nigeria is at a critical juncture, hence the approval of the loan

“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020,” the statement notes.


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