Nigeria and 73 other countries will receive $93 billion replenishment package from the World Bank through the International Development Association to help their economy.
Nigeria and the 74 other poor countries will benefit from the finance package, which was agreed upon during a two-day virtual conference hosted by Japan.
According to a statement on the bank’s website, World Bank Group President, David Malpass, applauded the support poor countries were getting to help them recover from the economic effects of the coronavirus pandemic.
Malpass was quoted as saying, “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis.
“We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”
The statement also noted that the IDA looks to address other major development challenges such as gender inequality, job creation, and situations of fragility, conflict and violence, including in the Sahel, the Lake Chad region, and the Horn of Africa.
“With this strong package, IDA will be able to scale up its support in the pandemic and address health challenges, helping 400 million people receive essential health and nutrition resources. The social safety nets program is also expected to reach as many as 375 million people,” the statement added.