Nigeria has secured the biggest cut of the $65 billion (N27 trillion) funding from the World Bank’s International Development Association to African countries.
This was as the international organisation unveiled the 20th replenishment package, IDA-20, in Dakar, the Senegalese capital, to help low-income countries respond to the COVID-19 crisis and build more resilient economies.
Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in a statement titled ‘At Dakar summit, Nigeria gets a big slice of IDA financial package’ affirmed that 70 per cent ($65 billion) of the entire package which amounted to $93 billion (N38 trillion), will be channeled to various African States with the largest share being allocated to Nigeria.
President Muhammadu Buhari who joined other African leaders in Dakar, said the “largest financial package ever mobilised in the history of the IDA” will prioritise some key areas such as: Agriculture and Food Security, Human Capital, Climate Change Adaptation, Bridging the Gender Gap, Job Creation, Digital and Technological Innovation, among others.”
While he called on global partners for concerted efforts to help mitigate the aftershocks of the COVID-19 pandemic and stabilise developing economies toward sustainable growth.
President Buhari, who spoke at the Opening Dialogue of African Heads of State on Development Challenges and Priorities at the International Development Association Summit for Africa — convened by the President of Senegal and African Union Chairman, Macky Sall, — said Nigeria, through job creation, was determined to build an economy that was capable of withstanding shocks.
He noted that Nigeria’s priority amidst the global challenges was to build the resilience of its economy and drive job-rich growth.
“I am pleased to also note that this is the largest financial package ever mobilised in the history of the IDA and this package will prioritise some key areas such as: Agriculture and Food Security, Human Capital, Climate Change Adaptation, Bridging the Gender Gap, Job Creation, Digital and Technological Innovation, among others.
“I wish to therefore call for concerted global efforts to mitigate and sustain food systems. These efforts must involve key stakeholders, including Governments, Farmers, Investors, Multilateral Organisations, Regional Bodies, International Financial Institutions, Private Partners and Civil Societies.
“As African countries continue to grapple with the devastating impact of the COVID-19 pandemic and now the Russian-Ukraine war, the continued support from the World Bank Group, particularly from the IDA is critical to help us meet financial needs.
“Therefore, our focus is on the transformative scale-up of industrialisation, to be driven by Backward Integration and Export Development based on value-addition to key commodities and access to new markets.
“In order for us and in particular, Nigeria, to achieve these priorities, we must continue to build partnerships and global solidarity that will address the challenges of the most vulnerable population and look forward to stronger collaboration among members of the IDA,” the President explained.
Speaking on Africa’s rising debt, the President lamented that developing countries which had faced unsustainable debt burdens even before the pandemic, were now dealing with a new wave of deepening debt as vital public financial resources were allocated to external debt servicing and repayments, at the expense of domestic financing for critical developmental needs.
He was later conferred with the highest National Honour of the Republic of Senegal, “L’ Ordre National De Lion Senegal (The National Order of the Senegal Lion) after which he thanked President Sall, for the excellent diplomatic relations between Nigeria and Senegal which had spanned over 60 years having started informal interactions for a longer period.
“This award is a clear testament to the continued growth and resilience of our bilateral relations and also our solidarity at the sub-regional, regional and global levels.
“We see our relationship with Senegal as a very special one and will certainly continue to give it priority in the future,” Buhari said.
