Public Management

Nigeria: World Bank approves new 5-year cooperation framework, grants $1.5bln

Thursday, 17 December 2020 18:15
Nigeria: World Bank approves new 5-year cooperation framework, grants $1.5bln

(Ecofin Agency) - 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

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