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The World Bank is an institution that was established in 1944 and since 1958 has provided Nigeria with low interest rate loans and grants through the International Development Association(IDA) and International Bank for Reconstruction and Development (IBRD). [1]
The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start ...
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. [2] The institutions of the World Bank Group are all run by a board of governors meeting once a year ...
Nigeria is located in western Africa on the Gulf of Guinea and has a total area of 923,768 km 2 (356,669 sq mi), [102] making it the world's 32nd-largest country. Its borders span 4,047 kilometres (2,515 mi), and it shares borders with Benin (773 km or 480 mi), Niger (1,497 km or 930 mi), Chad (87 km or 54 mi), and Cameroon (including the ...
The IDA is a unique part of the World Bank as it requires continuous replenishment of its resources. Member countries replenish its funds through contributions in addition to supplementary funds provided by the International Bank for Reconstruction and Development and the International Finance Corporation (IFC).
The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States; it is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries. It is the first of five member institutions that compose the ...
The bank was able to return to its original headquarters in Abidjan in late 2013 once the political crisis was over. [1] [2] By June 2015, over 1,500 staff had returned to the bank's Abidjan headquarters out of the more than 1,900 total staff the bank. [11] Since its founding, AfDB has financed 2,885 operations, for a total of $47.5 billion.
Nigeria is a federal republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. As of 2015 Nigeria has the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively.