WASHINGTON, DC, 19 December 2020 – The World Bank Group has discussed its partnership with Nigeria over the next five years, committing to provide up to $1.5 billion in financing.
The five-year Country Partnership Framework (CPF) discussed with Nigeria focuses on building a resilient economy post-COVID-19 and help the government achieve its goal of lifting 100 million Nigerians out of poverty by 2030.
Nigeria is GDP is expected to contract by over 4 percent in 2020 with government revenues projected to fall by more than $15 billion.
Africa’s most populous nation is projected to fall into its deepest recession since the 1980s, pushing up to 20 million Nigerians into poverty by 2022.
About 3.5 million young Nigerians enter the labor market every year.
Nigeria is ranked 152ndout of 157 on the World Bank’s 2018 Human Capital Index.
Economic losses due to unreliable or unavailable power in Nigeria are estimated at $28 billion.
Eight million Nigerians lack access to grid electricity and those with access deal daily with power interruptions or failures.