The World Bank has said that it is has a portfolio of about $18. 5 billion on going projects in Nigeria, about N279 billion. It also said that it is supporting the efforts of the Nigerian government to restore normalcy in the North East to the tune of $775 million dollars which is a credit under the International Development Association (IDA) categorisation.
In a statement by its Country Office spokesperson, Olufunke Olufon, the World Bank said that in 2015, the federal government sought its help to address the crisis in the North-East after which it committed the said $775 million to region.
This the Bank official said, was after a needs assessment conducted with the United Nations and the European Union. It added, however, that it was still supporting other programmes and projects across the nation. The statement reads in part “In 2015, the Government of Nigeria requested World Bank support to respond to the humanitarian and development crisis in the North East of Nigeria. To assess the needs of the nearly 15 million people in this region impacted by the crisis, the World Bank Group, the United Nations, and European Union carried out a Recovery and Peace Building Assessment (RPBA).
“Based on the findings of this report, World Bank’s support to the North East ($775 million in IDA credit) focuses on restoring basic education and health services, agricultural production, and livelihood improvement opportunities through community support development and youth employment. The World Bank is working with federal, state and development partners on speeding delivery of critical interventions to the people of the North East who urgently need assistance. In addition to our support to northeastern Nigeria, the World Bank continues to be fully committed to helping the Federal Government of Nigeria, the 36 states and the Federal Capital Territory (FCT) reduce poverty and foster prosperity for all Nigerians.
“The World Bank has a portfolio of about $8.5 billion spread across the country.
“Under IDA 18, the World Bank Group is doubling its resources to address fragility, conflict and violence at the subnational and national levels and help stabilise places that are affected by high poverty and influx of people.” Critics of President Buhari had accused him of asking the global financial institution to concentrate on the North East, in its development partnership with the nation. The federal government has, however, debunked the claim.
