How Nigeria Secured ₦27 Trillion Lion Share of World Bank Funding

By Tolulope Oke

The Federal Government of Nigeria secured $65bn (N27tn) share funding from the World Bank’s International Development Association to African countries.

According to a statement signed by Garba Shehu, Senior Special Assistant to the President on Media and Publicity, 70% ($65 billion) of the total package of $93 billion (N38 trillion) will be channeled to various African states, with Nigeria receiving the biggest share.

President Muhammadu Buhari, who was in Dakar with other African leaders, explained that the “greatest economic parcel ever rallied in the history of the IDA will optimize priority sectors such as agricultural production, human resources, adaptation to climate change, gender equality, employment generation, technological and digital innovation, and many others.

• READ ALSO: How Meta’s New Machine Aims to Solve Language Barriers In Africa

Further, the president said 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 mobilized in the history of the IDA and this package will prioritize 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,” he said.

As a result, the president called for global efforts to mitigate and sustain food systems. Governments, farmers, investors, multilateral organizations, regional bodies, international financial institutions, private partners, and civil societies must all be involved in these efforts, he explained.