World Bank: We’ve committed over $11bn to Nigeria in 3 years | Country at critical stage

Shubham Chaudhuri, World Bank country director for Nigeria, says the bank has committed over $11 billion in the past three years to the government at both the federal and the sub-national levels.

Chaudhuri said this on Wednesday at the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries, and top government functionaries, at the state house conference centre, Abuja.

He said the country was at a critical juncture to either continue muddling through business as usual with the risk of things falling apart or have the courage to chart a new course to take bold steps to see Nigeria rise to its true potential finally.

“I hope that through what we’ve been able to do that we will be able to continue supporting you, as you realise this enormously important task,” he said.

“Although we are at the World Bank, we’re a development organisation, and over the last three and a half, four years that I’ve been here, our board has committed over $11 billion in financing for the government, and our financing is meant to go government at both the federal and at the sub-national levels. So we’re here to support your programmes, and we take guidance from you.

“But even though we have the World Bank in our name, I hope you will think of us as more than a bank. I mean, I really hope that we will be able to earn your trust that we have something more to offer like solutions to help you think through and then implement the priorities, and the focus areas that you’ve laid out by bringing in ideas and experience.

“Financing is only part of the solution. It’s really the ideas and the vision. So you have my commitment. I and the team, the entire World Bank across the globe, we’re here to support you on that.

“And I would also like to say that I feel particularly privileged to have been here in Nigeria these last four years, especially in the last few months at this critical juncture where Nigeria faced the critical choice of whether to continue muddling through business as usual with the risk of things falling apart growing by the day or have the courage to chart a new course, to take bold steps to really finally see Nigeria rise to its true potential.”

Chaudhuri also commended President Tinubu’s bold steps since the assumption of office.

“In these last few months, the economy, society, the people, Nigerians have had to live through hard times. And Nigeria continues to be in a tender spot, but you stopped the haemorrhage,” he added.

“But now comes the time to rebuild, to recover. Please count on us, there will still be some incredibly hard choices and decisions that you and your cabinet will need to make.”

On his part, Richard Montgomery, British high commissioner, said Nigeria faces big security, economic, and social challenges,  but the United Kingdom’s government was willing to support the Tinubu-led administration.