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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]
This project was born out of the request for assistance made by President Goodluck Ebele Jonathan to World Bank in 2010. He requested for assistance in tackling severe gully erosion in Southern Nigeria, land degradation in Northern Nigeria and environmental insecurity. [2] [3] The project is being monitored by the Federal Ministry of Environment.
The World Bank is an international financial institution that provides loans and grants to the governments of ... along with a few developing countries such as Nigeria.
In 1958, the Nigerian Protectorate issued a £28 million loan from the International Bank for Reconstruction and Development (IBRD), also known as the World Bank. The loan was the first World Bank loan to Nigeria, and was used to finance the expansion of the Kainji Dam and the Ughelli Power Station. The loan was repaid in 1978. [11]
According to World Bank, "Poverty headcount ratio at a defined value a day is the percentage of the population living on less than that value a day at 2017 purchasing power adjusted prices. As a result of revisions in PPP exchange rates, poverty rates for individual countries cannot be compared with poverty rates reported in earlier editions."
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances. The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture.
As of 2021, Nigeria held the position of being the world's sixth-largest producer of natural gas. [5] Due to external international forces, including the Russian invasion of Ukraine and COVID-19, [ 6 ] and internal forces such as high oil subsidies, economic inefficiencies, and plunging oil prices, [ 7 ] Nigeria has sought the assistance of the ...
She was the Treasurer and a Vice President of the World Bank (2015–2018). She became the Director General of the Securities and Exchange Commission (SEC) in Nigeria in January 2010. [1] In this position she was responsible for regulation of Nigeria's capital markets, including the Nigerian Stock Exchange. [2]