The World Bank agreed to grant Nigeria a $1.5 billion package to support the country’s post-Covid 19 recovery. In a Dec 15 statement, the institution said $750 million will go for the Nigeria Covid-19 Action Recovery and Economic Stimulus -Nigeria CARES- to increase access to social transfers and basic services for poor people while providing subsidies to poor and vulnerable households. It will also help improve the capacities of Nigeria's micro, small, and medium enterprises.
The remaining resources will be injected into the State Fiscal Transparency, Accountability and Sustainability (SFTAS) project, to increase the efficiency of spending, strengthen revenue mobilization, and improve accountability and transparency in the management of public resources.
These two projects come at a time when Nigeria continues to suffer a decline in public revenues with a looming recession. According to the World Bank, up to 5 million more Nigerians could become poor by the end of the year.
To better access the impact of these changes on the Nigerian economy over the next few years, the Bretton Woods Institution has also approved a new five-year country partnership framework for the West African country.
Covering the period 2021-2024, this new cooperation framework is based on four key points. These are investments in human capital, the promotion of employment and the diversification and transformation of the economy, the strengthening of resilience, and the strengthening of the public sector's foundations, notably through improved management of state finances.
Moutiou Adjibi Nourou
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...