Nigeria Seeks World Bank Support for Economic Recovery Plans

Date:

Nigeria’s finance and budget ministers, along with the central bank governor, engaged in discussions with World Bank executives in Abuja to outline the country’s economic recovery plans and seek backing for its reform initiatives.

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World Bank managing director for operations, Anna Bjerde, expressed her intent to delve into Nigeria’s ambitious recovery strategies during the meetings.

The meeting follows a prior engagement between World Bank president Ajay Banga and President Bola Tinubu in Nigeria last October. Tinubu inherited a challenging economic landscape marked by high debt levels, low revenue, and widespread insecurity, including insurgencies and kidnappings.

Despite the economic hurdles, Tinubu initiated significant reforms, such as removing the fuel subsidy and easing foreign exchange controls. However, these actions have contributed to soaring inflation rates, reaching levels not seen in decades.

While specifics of Nigeria’s requests were not disclosed, Bjerde emphasized the importance of assessing the World Bank’s programs in Africa’s most populous nation during her visit. Finance Minister Wale Edun highlighted Nigeria’s interest in support across various sectors, including power, social services, and the broader macroeconomy.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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