World Bank devotes $8.5bn to Nigeria

The World Bank has earmarked $8.5 billion for Nigeria to fund critical issues ranging from agriculture to education.

Disclosing this on Thursday in Abuja during a summit organized by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted that the amount was the largest of any country.

He commented that it was still infinitesimal compared with the needs of Nigeria, stressing, however, that around $2.5 billion to $3 billion of the fund had been channeled towards education.

“Half of the population of Nigeria itself is less than 17 years old. This means there is a need to invest in human capital development,” he said.

He noted that the future of Nigeria depended on the ability of the young people to go to school, stressing that it was important to make schools safe to ensure that fewer children were out of school.

Analysts have described Nigeria’s insistence on subsidies as financial indiscipline, noting that it would have adverse consequences on the Nigerian economy.

Professor Jonathan Aremu, a former CBN Assistant Director and Senior Lecturer at Covenant University said subsidies distorted the market, making it difficult for products to find their real value.

He explained that the next government should not just remove subsidies, but also provide incentives that would alleviate the sufferings of Nigerians.

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