Over $11 billion from World Bank fuels Nigeria’s growth, Shubham Chaudhuri reveals

The Country Director for Nigeria at the World Bank, Shubham Chaudhuri, recently unveiled the organization’s substantial financial commitment to both the federal and sub-national levels of the Nigerian government. This momentous announcement occurred at the inception of a three-day cabinet retreat, which was attended by esteemed ministers, presidential aides, permanent secretaries, and senior government officials. The retreat was held at the State House Conference Centre in Abuja, underlining the gravity of the matters at hand.

Chaudhuri’s address carried an air of significance, as he highlighted Nigeria’s current position at a pivotal juncture. The nation is faced with a momentous decision—whether to persist with conventional practices and risk potential disarray or summon the courage to chart a new path and take bold measures to drive meaningful change.

Within his address, Chaudhuri made it abundantly clear that the World Bank’s commitment to supporting the Nigerian government is steadfast and resolute. He detailed that in the past three years, the World Bank has dedicated a staggering amount, exceeding $11 billion, to the federal and sub-national levels of the Nigerian government. This financial infusion underscores the institution’s dedication to facilitating progress and development in Nigeria.

However, Chaudhuri emphasized that the World Bank is not merely a financial institution; it also serves as a fount of solutions and ideas. Beyond financing, the institution pledged to provide comprehensive support, demonstrating a commitment that goes beyond monetary contributions. Chaudhuri expressed his privilege to be present in Nigeria during this critical period and conveyed his hope that the World Bank’s involvement would continue to support the Nigerian government in its immensely important task.

Chaudhuri elaborated on the role of the World Bank, stating, “Although we are at the World Bank, we’re a development organization, 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 to the government at both the federal and at the sub-national levels. So we’re here to support your programs, and we take guidance from you.”

He further conveyed that the World Bank is not to be perceived solely as a financial institution, stating, “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.”

Chaudhuri’s speech also resonated with admiration for the bold steps taken by President Tinubu since assuming office. He commended the President’s decisive actions in the face of challenging times, acknowledging the sacrifices made by Nigerians. He noted, “In these last few months, the economy, society, the people, Nigerians have had to live