World Bank’s Support To Nigeria, Others Hits $14bn

The World Bank Nigeria Country Director, Mr Rachid Benmessaoud says the World Bank Group’s support to fragile states, including Nigeria through its International Development Association (IDA) has doubled to more than 14 billion dollars.
Benmessaoud said this yesterday in Abuja at a conference with the theme, “Ideas for Action Africa’ being hosted by the bank, in conjunction with the African University of Science and Technology and the University of Lagos.
He said that the focus of the programme was to provide opportunities for the youth to contribute to the narrative shaping Africa’s 2030 agenda and also the Sustainable Development Goals (SDGs).
According to him, the Ideas forAction Africa is a powerful platform that gives young people the means to have a say in the international development debate and provide practical solutions to the world’s most complex problems.
He said that to advance sustainable development and the implementation of the 2030 Agenda, the bank’s strategy was to invest more in people and pursue private sector solutions to maximise finance for development.
Benmessaoud also said that the World Bank’s strategy also includes accelerating inclusive and sustainable economic growth through distribution of diversified economic opportunities across sectors and finally, fostering resilience to global shocks and threats.
“The underlying challenge remains the need for countries to mobilise domestic revenues, for development to be sustainable. This is because ultimately the ability to implement and sustain these programmes depends on political will of the government.
“Development has to be led by each country with a focus on protecting its most vulnerable and benefitting its poor.
“It is a moral responsibility on the part of everyone to do more to help people lift themselves out of both fragility and extreme poverty, to help stabilise the countries they live in, and to give them hope for the future.
“Against this backdrop, allocation for fragile states under the International Development Association (IDA) has doubled to more than 14 billion dollars.