The World Bank Group has expressed satisfaction with the performance of the Nigerian economy as it continues on the path to growth. The commendation was contained in a statement by the bank on Monday, after the conclusion of a visit to Nigeria by 10 Executive Directors of the bank from May 9 to 12.
According to the statement, the visit was to enable the bank’s management team get a better understanding of Nigeria’s development priorities with a special focus on the energy sector.
The Executive Directors held discussions with the Vice President of Nigeria, the Minister of Finance and Governors of Adamawa, Bauchi, Borno, Gombe, Edo, Lagos, Taraba and Yobe states, and other senior government officials.
The Directors discussed the security challenges in the Northeast and Middle belt regions and how to achieve development in these challenging environments.
“Our visit to Nigeria was to get a better understanding of the country, assess the World Bank’s interventions on the ground, and support opportunities that will keep the country on a path of sustained development.
“We commend Nigeria’s implementation of its new Economic Growth and Recovery Plan (EGRP) and the Power Sector Recovery Plan (PSRP), both of which are important for regional integration.
“It will also ensure trade and capital flows, which will ultimately lead to greater growth,” said World Bank.
According to the statement, the Executive Directors also met with beneficiaries of the World Bank Group-supported projects in agriculture, education, health, youth employment, community development, soil erosion and public financial management.
Similarly, they met with representatives of the private sector, civil society organizations, diplomatic missions and development partners.
The group also visited the newly commissioned Edo Power Plant in Benin City, which was a key project in the government’s power sector reform agenda and was supported by three arms of the World Bank Group: the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the World Bank.
It will be recalled that Nigeria has been one of the International Finance Corporation’s (IFC) fastest growing portfolios and represents IFC’s fifth largest global country exposure, with a committed volume of 1.6 billion dollars.
Also, Nigeria is Multilateral Investment Guarantee Agency’s (MIGA) fifth largest country exposure in Sub-Saharan Africa, with current exposure of 334 million dollars.
The Nigerian Country Partnership Strategy extending to 2019 has an investment of 8.8 billion dollars through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD).
