World Bank commits over $11bn in three years in Nigeria – Country Director

 – Says it’s time for country to rise to full potential 

—Times ‘re difficult, expectations high, better delivery desperately needed – British envoy

The World Bank Country Director for Nigeria, Shubham Chaudhuri, on Wednesday, said the bank has committed over $11 billion in the past three years for government at both the federal and the sub-national levels.

Chaudhuri stated this while giving his goodwill message at the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries and top government functionaries, at the State House Conference Center, Abuja.

The World Bank Country Director Chaudhuri, assured President Bola Tinubu of the bank’s support in his administration’s challenging task of lifting millions of Nigerians out of poverty and making lives better for everyone.

He said Nigeria is at a critical juncture to either continue muddling through business as usual with the risk of things falling apart or have the courage to chart a new course, to take bold steps to finally see Nigeria rise to its true potential.

He said, “I hope that through what we’ve been able to do we will be able to continue supporting you, as you realize this enormously important task.

“Although we are at the World Bank, we’re a development organisation and over the last three and a half, four years that I’ve been here, our board has committed over $11 billion in financing for the government, and our financing is meant to go government at both the federal and at the sub-national levels. So we’re here to support your programmes, and we take guidance from you.

“But even though we have the World Bank in our name, I hope you will think of us as more than a bank. I mean, I hope that we will be able to earn your trust that we have something more to offer like solutions to help you think through and then implement the priorities, and the focus areas that you’ve laid out by bringing in ideas and experience.

“Financing is only part of the solution. It’s the ideas and the vision. So you have my commitment. I and the team, the entire World Bank across the globe, we’re here to support you on that. I would also like to say that I feel particularly privileged to have been here in Nigeria these last four years, especially in the last few months at this critical juncture where Nigeria faced a critical choice of whether to continue muddling through business as usual with the risk of things falling apart growing by the day or have the courage to chart a new course, to take bold steps to finally see Nigeria rise to its true potential.”

Chaudhuri commended President Tinubu’s bold steps since the assumption of office to chart a new course for Nigeria to provide the renewed hope agenda that he promised the citizens.

He said: “Mr President from the inaugural address, you made it very clear what your choice was. You’ve taken some incredibly bold steps, ones that very few leaders, if any, would have had the courage to chart this new course for Nigeria to provide that renewed hope. I think we all recognise how truly kind and remarkable that has been and that it has not been easy.

“In these last few months, the economy, society, the people, Nigerians have had to live through hard times. And Nigeria continues to be in a tender spot, but you stopped the haemorrhage. But now comes the time to rebuild, to recover. Please count on us, there will still be some incredibly hard choices and decisions that you and your cabinet will need to make. Please count on us to be there to help support you.“

British High Commissioner, Richard Montgomery, on his part, noted that Nigeria faces big security, economic and social challenges.

Montgomery said, “In a global context, the big challenges are the difficult global economy, shifting geopolitical and foreign policy pressures. And as I said in public before, I applaud the big and bold economic reforms that you are taking forward. I admire your leadership of ECOWAS (Economic Community of West African States), your strong voice on democracy, and your G20 international engagement, all of which have thrust Nigeria back onto the international stage.”

He affirmed the United Kingdom’s renewed partnership with Nigeria, with President Tinubu’s cabinet and with the Nigerian people.

According to him, “Nigeria matters to the UK we share history, we share a commitment to democratic politics, we share interests in defence and security and trade and investment, which has strong people-to-people needs. In the Nigerian diaspora creative industries, the sports stars are increasingly central to the UK national culture and life. And we also have strong mutual accountability, development agreements at the federal and the state level, on health, on education on job creation, and government effectiveness.”

The British envoy noted that the High Commission has since 2019 had an excellent partnership with the Office of the Secretary to the Government of the Federation. This is called the partnership to engage, reform and learn. The programme, he said largely handled by Nigerian experts has supported the impressive central coordinating and delivery unit for presidential priorities.

“We can only support the process, not the content that is your sovereign decision of government. But your eight priorities area under the renewed hope agenda, Mr. President, you provide a clarity of purpose.

“Your policy advisory committees have identified plans, milestones and performance indicators that will be discussed at this retreat. And this cabinet retreat can start to use the SGS tracking system for good effect over the coming years to drive delivery learn from challenges, and move Nigeria forward.

“Mr. President, no doubt there are challenges ahead. This government has inherited big problems and a tough global context. These are difficult times and people are hurting. Expectations are high. Better delivery is desperately needed. But over my long association with Nigeria, and wherever I go in this great country, I have seen the resilience of Nigerians by their creative and can-do attitude and by their entrepreneurial spirit. And I’m optimistic that your Government, Mr. President, with ambition and clear plans, can remove the constraints on this entrepreneurial spirit give a helping hand to those people who need it and help move Nigeria forward.

“So Mr. President, I’d like to recognize Nigeria as a growing regional and global powerhouse. You are likely to become the third largest country in the world by 2050. I applaud your plans to stabilise the economy and put it on a higher growth path to prosperity, on which so much else depends.

“The UK stands ready to support in the spirit of mutual respect. The UK stands ready to stand up on our partnerships across a range of areas. And I wish you and your government all best wishes and goodwill in your work ahead.”

Day one of the retreat dealt with administrative processes for the delivery of government policies, plans and projects.

ReadMore: https://www.vanguardngr.com/2023/11/world-bank-commits-over-11bn-in-three-years-in-nigeria-country-director/

By Johnbosco Agbakwuru