World Bank to Loan Nigeria $2.1 Billion to rebuild North East


It does seem the ripple effects of Buhari’s visit to the United States of America have started in earnest without much ado. We just learnt that World Bank will be lending Nigeria $2.1 billion to assist in rebuilding the North Eastern part of the country that has been ravaged by the Boko Haram nefarious activities.

It was reported in Punch Nigeria news media that the special adviser to president Muhammadu Buhari on media and publicity, Mr Femi Adesina said that this was discussed in Washington DC between President Buhari and representatives of the World Bank, the Bill and Melinda Gates Foundation and the World Health Organisation (WHO).

Part of the statement reads, “The World Bank will spend $2.1bn through its International Development Agency, which gives low interest rate loans to governments. The first 10 years will be interest-free, while (the interest for the) additional 30 years will be at lower than the capital market rate.

“The World Bank is eager to move in quickly, give out the loans and give succour to the people of the North-East, long at the mercy of an insurgency that has claimed over 20,000 souls.”

Also, WHO would invest about $300m in the fight against malaria. The Bill and Melinda Gates Foundation in collaboration with the Dangote Foundation will also continue to oversee its programme on polio in a move which will see the country declare polio free if it maintains its effort for two years.


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