World Bank made this known in a statement on Tuesday, noting that the loan is aimed to boost Nigeria’s efforts to reduce poverty.

The apex Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus –Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

It also stated that Nigeria is at a critical juncture, hence the approval of the loan

“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020,” the statement read in part.

The CPF will prioritise four areas of engagement including investing in human capital by expanding access to basic education, sanitation services and quality water; improving primary healthcare; and enhancing the coverage and effectiveness of social assistance schemes.

It will also promote jobs and economic expansion and diversification by supporting reforms to unlock private investment and employment generation and increasing access to dependable and sustainable power for households and firms

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