Shubham Chaudhuri, the Country Director for Nigeria at the World Bank, unveiled the remarkable commitment of the institution, with more than $11 billion allocated in funding to Nigeria over the past three years. This revelation occurred during the commencement of a three-day cabinet retreat, gathering ministers, presidential aides, permanent secretaries, and senior government officials at the State House Conference Centre in Abuja.
Chaudhuri emphasized that Nigeria finds itself at a critical crossroads, with the choice between adhering to conventional practices and risking potential disorder or summoning the courage to blaze a new trail by taking bold actions to drive substantial change.
In his statement, Chaudhuri underscored the World Bank's unwavering support for the Nigerian government. He stressed that, in recent years, the bank has dedicated over $11 billion to both the federal and sub-national levels, solidifying its role not only as a financial institution but also as a wellspring of solutions and ideas.
Chaudhuri pledged to provide support extending beyond financial assistance and expressed his privilege at being in Nigeria during this pivotal period. He conveyed,
"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. 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 for the bold steps taken since assuming office, acknowledging the challenges faced by Nigeria in recent months. He emphasized the need for resilience and tough decisions in the nation's journey to rebuild and recover.
Additionally, Richard Montgomery, the British High Commissioner, expressed the UK government's readiness to offer support to Nigeria's administration led by President Tinubu, recognizing the significant security, economic, and social challenges that the country faces.
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