W’Bank committed $11bn to Nigeria in three years — Country Director

World Bank’s Country Director for Nigeria, Shubham Chaudhuri, said on Wednesday that the Bank committed over $11bn in the past three years for federal and sub-national governments projects.

Chaudhuri stated during his goodwill address at the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries and top government functionaries at the State House Conference Center, Abuja.

He assured President Bola Tinubu of the Bank’s support in his administration’s task to lift 50 million Nigerians out of poverty.

Chaudhuri said, “Although we are at the World Bank, we’re a development organisation and over the last three and a half, four years that I’ve been here, our board has committed over $11bn in financing for the government, and our financing is meant to go to governments at both the federal and at the sub-national levels. So we are here to support your programmes, and we take guidance from you.

“But even though we have the World Bank in our name, I hope you will think of us as more than a bank.

“I mean, I really hope that we will be able to earn your trust that we have something more to offer in the nature of solutions to help you think through and then implement the priorities, the focus areas that you’ve laid out by bringing in ideas and experience.”

Chaudhuri reasoned that financing is only part of the solution, “It is really the ideas and the vision. So you have my commitment. I and the team, the entire World Bank across the globe, we are here to support you on that.”

Meanwhile, the British High Commissioner in Nigeria, Richard Montgomery, noted that Nigeria faced big security, economic and social challenges.

According to him, “In a global context, the big challenges are difficult global economy, shifting geopolitical and foreign policy pressures.

“And as I said in public before, I applaud the big and bold economic reforms that you are taking forward.

“I admire your leadership of Economic Community of West African States, your strong voice on democracy, and your G20 international engagement, all of which have thrust Nigeria back onto the international stage.”

Montgomery affirmed the United Kingdom’s renewed partnership with Nigeria, with President Bola Tinubu’s cabinet and Nigerians.

He said, “Nigeria really matters to the UK. We share history, we share a commitment to democratic politics, we share interests in defence and security and trade and investment, which has strong people to people needs.

“The Nigerian diaspora creative industries, the sports stars are increasingly central to the UK national culture and life.

“And we also have strong mutual accountability, development agreements at the federal and the state level, on health, on education on job creation, and on government effectiveness.”