WORLD Bank and the International Monetary Fund (IMF) cumulatively extended about $11.465 billion credit to Nigeria this year.
While IMF in April released $3.4 billion to the government under the Rapid Financing Instrument (RSI) which Nigeria applied for in the thick of the COVID-19 pandemic, World Bank in May released $176 million of additional financing for the Strengthening, Recovery and Peace building in the Northeast. The fund was meant to “scale-up its efforts in supporting these communities.
World Bank Board of Directors approved $114.28 million financing to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with a specific focus on state level responses, with $100 million credit loaned under the auspices of International Development Association (IDA) and $14.28 million granted from Pandemic Emergency Financing Facility (PEFF).
Earlier in the year, under World Bank help to countries with coronavirus, the International Finance Corporation (IFC) used its fast-track COVID-19 facility for Nigeria to help small and medium-sized enterprises in several sectors that face working-capital or trade-finance challenges through a combined $200 million loan to FCMB, Access and Zenith banks.
Investigations show that World Bank approved a separate six projects to support Nigeria’s development priorities in February under aegis of Immunisation Plus and Malaria Progress by Accelerating Coverage and Transforming Services through IDA credit valued at $650 million; Nigeria Rural Access and Agricultural Marketing Project which was co-financed through an IDA credit of $280 million, $230 million from French Development Agency, and $65million from the Government of Nigeria.