Business
Nigeria Gets Lion Share In $65bn World Bank Funding

Nigeria has received the lion share of the $65billion (N38trillion) development funding from the World Bank’s International Development Association to African countries.
The World Bank, during the unveiling of the 20th replenishment package, IDA-20, in Dakar, the Senegalese capital, said the package was to help low-income countries respond to the COVID-19 crisis and build more resilient economies.
A statement from the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, which was made available to newsmen, said 70 per cent ($65billion) of the entire package which amounted to $93billion (N38trillion), will be channeled to various African states with the largest share being allocated to Nigeria.
The statement, titled ‘At Dakar summit, Nigeria gets a big slice of IDA financial package’, stated that President Muhammadu Buhari, who joined other African leaders in Dakar, noted that this is the ‘largest financial package ever mobilised in the history of the IDA will prioritise some key areas.
He also called on global partners for concerted efforts to help mitigate the aftershocks of the COVID-19 pandemic and stabilise developing economies towards sustainable growth.
According to the statement, President Buhari, who spoke at the Opening Dialogue of African Heads of State on Development Challenges and Priorities at the International Development Association Summit for Africa, which was convened by the President of Senegal and African Union Chairman, Macky Sall, added that Nigeria, through job creation, was determined to build an economy that is capable of withstanding shocks.
“I am pleased to also note that this is the largest financial package ever mobilised in the history of the IDA, and this package will prioritise some key areas such as agriculture and food security, human capital, climate change adaptation, bridging the gender gap, job creation, digital and technological innovation, among others.
By: Corlins Walter
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