Nigeria, others to get $93bn replenishment package from World Bank

Nigeria is set to get a part of a $93 billion replenishment package from the World Bank through the International Development Association to help its economy. Nigeria is one of the 74 other poor countries that will benefit from the finance package, which was agreed upon during a two-day virtual conference hosted by Japan. 48 […]

Nigeria is set to get a part of a $93 billion replenishment package from the World Bank through the International Development Association to help its economy.

Nigeria is one of the 74 other poor countries that will benefit from the finance package, which was agreed upon during a two-day virtual conference hosted by Japan.

48 high and middle-income countries have committed to support with $23.5 billion, while the rest of the financing would come from capital market financing, repayments, and World Bank contributions, making it the largest amount ever mobilised by the IDA in its 61-year history.

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.

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.