World Bank supports economic reforms with $3b
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Mar 19, 2004, 14:24

The World Bank on 18 March praised Nigeria’s current economic reforms package, and pledged $3b to support it over the next three years.

The Bank’s President, Mr James Wolfensohn, announced after meeting with President Obasanjo in Abuja that $500million of this financial support would be made available to Nigeria this year, 2004.

Mr Wolfensohn said he was quite impressed with the goals of government’s economic reforms agenda, encapsulated in the National Economic Empowerment Development Strategy (NEEDS).

He observed that NEEDS is quite superior and more acceptable than the Bank’s recommended strategy, Poverty Reduction Strategic Paper (PRSP), because NEEDS is home-grown and is being implemented by highly committed technocrats.

He described the President’s economic team as a “first class reform team that is very small, very committed and very honest”.

“This is a real opportunity to turn around the fact of this cancer that has existed in the body of Nigeria and try and deal with it so that the monies, which come from oil and other natural resources, can be put to use you all want to put it.

“This is the real chance to make a difference in Nigeria. And I say this in a press conference exposing myself because I am a friend, and I just want to see it happen,” he said.

The Bank President commended government’s resolve to combat corruption, clamp down on fraud, reduce public expenditure and privatise the economy, and urged government to do more in poverty reduction and wealth creation.

Mr Wolfensohn disclosed that the bank’s total portfolio commitment in Nigeria is the largest in Africa and is worth over $3 billion, including $1.15 billion on projects, $1 billion under MIGA guaranteed facilities, and $1.7 billion IFC loans.

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