“We Have Invested $8.5b In Nigeria”, Says World Bank

The World Bank Group says it has an investment portfolio of about 8.5 billion dollars scattered across states and regions in Nigeria to support inclusive economic development and youth empowerment.

Mrs Olufunke Olufon, the Senior Communications Officer, World Bank Nigeria, made this known in a statement on Sunday in Abuja.

She stated that the investments were to assist the 36 states of the federation and the Federal Capital Territory to reduce poverty and foster prosperity for all Nigerians.

She noted that the explanation followed concerns raised by Nigerians over the comment by World Bank President, Mr Jim Yong Kim that President Muhammadu Buhari asked the bank to shift its intervention focus to North Eastern states. She said that the bank was also working with federal and state governments, as well as development partners on speedy delivery of critical interventions to people of the North East who urgently needed assistance.

She added that “in 2015, the Government of Nigeria requested World Bank support to respond to the humanitarian and development crisis in the North East of Nigeria. “To assess the needs of the nearly 15 million people in the region impacted by the crisis, the World Bank Group, the UN and European Union carried out a Recovery and Peace Building Assessment (RPBA). “And based on the findings of the assessment, World Bank’s 775 million dollars support to the North East focuses on restoring basic education, health services, agricultural production, and livelihood improvement opportunities.” Olufon noted that the World Bank Group was doubling its resources to address fragility, conflict and violence at the subnational and national levels and help to stabilise places that were affected by high poverty and influx of people.