FG: Nigeria to receive biggest cut from World Bank’s $65bn replenishment package

The federal government says the country will receive a high share of the $65 billion funding from the World Bank’s International Development Association (IDA) to African countries.

The figure represents 70 percent of the total package of $93 billion sent to support low-income countries, respond to the COVID-19 crisis and rebuild their economy between now and 2027.

Garba Shehu, presidential spokesperson, said this in a statement on Thursday, adding that the $65 billion funding will be spent on African countries between now and 2027

Shehu said President Muhammadu Buhari joined African leaders in Dakar, Senegal, to launch “the largest financial package ever mobilised in the history of the International Development Association (IDA) — $93 billion — geared towards a “robust and resilient economy for Africa”.

According to the statement, Buhari said through job creation, Nigeria is determined to build an economy that is capable of withstanding shocks.

He said with the “largest financial package ever mobilised in the history of the IDA”, 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 will be prioritised.

He said this would be achieved by looking inwards and adding value to the commodities produced in the country.

Buhari called on global partners for concerted efforts to help in the realisation of these objectives.

“I wish to therefore call for concerted global efforts to mitigate and sustain food systems. These efforts must involve key stakeholders, including governments, farmers, investors, multilateral organisations, regional bodies, international financial institutions, private partners and civil societies,” he said.

“As African countries continue to grapple with the devastating impact of the COVID-19 pandemic and now the Russian-Ukraine war, the continued support from the World Bank Group, particularly from the IDA is critical to help us meet financial needs.

“Nigeria’s priority amidst these global challenges is to build the resilience of our economy and drive jobs-rich growth. Therefore, our focus is on the transformative scale-up of industrialisation to be driven by backward integration and export development based on value-addition to key commodities and access to new markets.

“In order for us and in particular Nigeria to achieve these priorities, we must continue to build partnerships and global solidarity that will address the challenges of the most vulnerable population and look forward to stronger collaboration among members of the International Development Association.”

In July 2021, African heads of state and governments called for replenishment of the World Bank’s International Development Association (IDA20) of at least $100 billion to meet aspirations for the continent.