THE World Bank Group on Monday launched the new Country Partnership Strategy (CPS) aimed at helping the Federal and State Governments boost development for the Nigerian people.

  The launching was scripted to make the objectives and outcomes of the strategy known to all beneficiaries, namely the federal and state government officials, the MDAs (federal and state), media, Civil Society Organizations (CSOs), the private sector, academics, researchers, professionals and other stakeholders. 

  Nigeria is now recognized as Africa’s largest economy, following its recent GDP rebasing exercise that was fully supported by the World Bank. The New strategy’s endorsement comes at an opportune time just as Nigeria is redoubling its efforts to tackle critical development challenges and is committing itself to lift major constraints that are hindering it from achieving broad-based, inclusive economic growth and poverty reduction goals.

  The new partnership strategy, jointly developed with the Government of Nigeria, is supportive of the country’s Vision 20: 2020 plan and its Transformation Agenda; which set out Nigeria’s long-term development objectives and the medium-term strategy for operationalizing this vision. The strategy includes support for a bold and ambitious program of development targets and interventions for the next four years.  Specifically, the World Bank Group’s support for Nigeria is structured around three strategic priorities:

 “The Country Partnership Strategy is very commendable and in line with the Transformation Agenda of the Federal Government. It supports our development objective,” said Ngozi Okonjo Iweala, Nigeria’s Coordinating Minister for the Economy and Minster of Finance. The Minister disclosed that the Bank was supporting the Government create jobs, access to finance as well as “helping in starting a housing revolution in the country.”

  “The new strategy is a joint product, developed in close consultation with the Government of Nigeria and stakeholders under the Country Assistance Framework, a strategic platform developed by Nigeria’s partners to coordinate interventions and leverage resources to deliver strong results and development solutions,” said Marie Francoise Marie-Nelly, World Bank Country Director for Nigeria. “It reflects Nigeria’s development aspirations and commits the World Bank Group to working hand-in-hand to unleash Nigeria’s potential for the benefit of all Nigerians.” 

 As Nigeria pursues its ambitious plan to become one of the 20 largest economies in the world by 2020, the World Bank Group looks forward to being a steady partner to accelerate efforts to end poverty and boost shared prosperity in Africa’s largest, most populous country. This in turn will also benefit Nigeria’s neighbors across West Africa.

 At the launch, the Governor of Kogi State,Idris Ichalla Wada said the World Bank has been of tremendous assistance to his state with projects such as Export Processing  Zone, Fadama, Community Social Development, Youth Employment and Social Safety Operations(YESSO) to mention but a few.

“I call on Nigerians to take ownership of the Country Partnership Strategy to ensure adequate dissemination as well as implementation of the document,” said Wada.

Adams Oshiomhole, Governor of Edo State described the Bank as a useful partner and expressed appreciation for the work being done in his state in the areas of agriculture, health, infrastructure, flood and erosion control as well as open governance.

 “Apart from making money available, the World Bank should be more interested in helping us better manage our resources and improve our efficiency,” Comrade Oshiomhole said. “We see you as a leading light and pillar in the development of Edo State.”

 The new CPS, which covers the period of FY2014-2017, introduces a change in the country’s borrowing status. Nigeria has been declared credit worthy for IBRD financing and officially entered blend status from July 1, 2014.

 This means Nigeria can access World Bank Group funds through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD).

 Over 200 participants from the Donor Agencies, Ministries Departments and Agencies (MDAs) from Federal and Sates, Project Implementation Units (PIUs), Media, Private Sector, Civil Society Organizations (CSOs) attended the launch.