Country Director for Nigeria at the World Bank, Shubham Chaudhuri revealed that the institution has allocated more than $11 billion in funding to both the federal and sub-national levels of the Nigerian government over the past three years.
Chaudhuri made this statement during the commencement of a three-day cabinet retreat, which was attended by ministers, presidential aides, permanent secretaries, and senior government officials, held at the State House Conference Centre in Abuja.
He emphasized that Nigeria stands at a pivotal juncture, facing the choice of either persisting with conventional practices and risking potential disarray or summoning the courage to chart a new path, taking bold measures to drive meaningful change.
What he said
In his statement, Chaudhuri emphasized the World Bank’s commitment to supporting the Nigerian government.
He stated that over the past few years, the bank has allocated over $11 billion to the federal and sub-national levels.
He also stressed that the World Bank is not just a financial institution but also a source of solutions and ideas.
He pledged to provide support beyond financing and expressed his privilege to be in Nigeria during this critical period.
He said,
- “I hope that through what we’ve been able to do we will be able to continue supporting you, as you realize this enormously important task,” he said.
- “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 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.
- “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.
- “And I would also like to say that I feel particularly privileged to have been here in Nigeria these last four years, especially in the last few months at this critical juncture where Nigeria faced the critical choice of whether to continue muddling through business as usual with the risk of things falling apart growing by the day or have the courage to chart a new course, to take bold steps to finally see Nigeria rise to its true potential.”
Chaudhuri also commended President Tinubu’s bold steps since the assumption of office.
- “In these last few months, the economy, society, the people, Nigerians have had to live through hard times. And Nigeria continues to be in a tender spot, but you stopped the hemorrhage,” he added.
- “But now comes the time to rebuild, to recover. Please count on us, there will still be some incredibly hard choices and decisions that you and your cabinet will need to make.”
Richard Montgomery, the British High Commissioner, expressed that Nigeria is confronted with significant security, economic, and social challenges. Nonetheless, the United Kingdom’s government is prepared to offer support to the administration led by Tinubu.