The loan kicks into effect from 2021 and will be discontinued in 2024.
In a statement published on Tuesday, December 15, the Bretton Woods institution explained the loan facility is a five-year Country Partnership Framework (CPF) that will last till 2024.
“This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” said Shubham Chaudhuri who is the World Bank’s Country Director for Nigeria.
“To realize its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”
BTLBlogger: Augustine Emmanuel
