World Bank’s Managing Director of Operations, Anna Bjerde, is poised to embark on a pivotal two-day visit to Nigeria, marking her inaugural trip in her current role. This unprecedented visit underscores the deepening involvement of the World Bank in Nigeria’s development agenda and signifies a significant stride towards collaborative efforts in advancing key sectors critical for sustainable growth and development.
Bjerde’s visit is strategically focused on engaging with Nigerian authorities on various pillars of the country’s development strategy. These include macroeconomic and fiscal policies, energy access, digital infrastructure enhancement, and skill development, all of which are crucial for propelling Nigeria towards robust and inclusive growth.
A notable highlight of Bjerde’s itinerary is her participation in the Western and Central Africa Ministers of Finance meeting, a collaborative initiative between the Nigerian government and the World Bank.
This platform serves as a forum to discuss the region’s ambitious developmental goals and explore avenues for leveraging enhanced International Development Association (IDA) resources to accelerate progress towards sustainable growth, job creation, and development.
During her visit, Bjerde is scheduled to hold high-level bilateral meetings with key figures in the Nigerian government, including Mr. Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy; Mr. Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning; and Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN).
These meetings are poised to facilitate fruitful discussions on critical aspects of Nigeria’s development agenda and foster deeper collaboration between the World Bank and Nigerian authorities.
Additionally, Bjerde will lead a roundtable discussion with top-tier private sector leaders from the energy and digital sectors. This engagement aims to harness the potential of the private sector in driving innovation, investment, and sustainable development in key sectors of the Nigerian economy.
Accompanying Bjerde on this landmark visit are esteemed World Bank figures, including Ousmane Diagana, Vice President for Western and Central Africa; Sérgio Pimenta Vice President of the International Finance Corporation (IFC) for Africa; and Ethiopis Tafara, Vice President of the Multilateral Investment Guarantee Agency.
The World Bank’s engagement in Nigeria is multifaceted, encompassing substantial concessional financing for development programs at both federal and state levels. With over $15 billion in commitments supporting 30 active programs as of January 2024, the World Bank’s contribution extends beyond financing to include analytics, policy advisory, institutional strengthening, and implementation support.
Furthermore, the International Finance Corporation (IFC) plays a pivotal role in Nigeria, boasting the second-largest investment portfolio in Africa at $2.0 billion. IFC’s strategic objectives align with fostering diversified growth, inclusivity, sustainability, and job creation, with a focus on promoting universal and green energy, enhancing finance access for MSMEs, and bolstering critical sectors such as agribusiness and manufacturing.
Through collaborative efforts with Nigerian authorities and the private sector, the World Bank and its affiliates are poised to catalyze transformative change and drive Nigeria towards a path of sustainable development and prosperity.
