World Bank's operations head to meet Nigerian ministers and CBN governor.

Anna Bjerde, Managing Director of Operations at the World Bank, is poised to embark on a pivotal two-day visit to Nigeria on February 6, 2024. This unprecedented engagement underscores the significance of the visit, highlighting the importance of the discussions and interactions planned during her time in the country.

According to a statement from the bank, this marks her inaugural trip to Nigeria in her current role, symbolizing a significant stride in the World Bank’s deepening involvement with Nigeria’s developmental trajectory. Bjerde’s visit focuses on key pillars of Nigeria’s development strategy, encompassing macroeconomic and fiscal policies, energy access, digital infrastructure enhancement, and skill development.

A highlight of her visit was her participation in the Western and Central Africa Ministers of Finance meeting, a joint initiative by the Nigerian government and the World Bank.

Here, Bjerde is expected to shed light on the region’s ambitious developmental goals and discuss the role of enhanced International Development Association (IDA) resources in catapulting these nations towards robust growth, job creation, and sustainable development.

Bjerde’s itinerary in Nigeria is packed with high-level bilateral meetings. Key figures on her agenda include 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). Additionally, she will spearhead a roundtable with top-tier private sector leaders from the energy and digital realms.

Joining her in this landmark visit are notable 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.

What the Statement Says

The statement read:

• “World Bank Managing Director of Operations, Anna Bjerde, will begin a two-day visit to Nigeria on February 06, 2024. 
• “Ms. Bjerde will use the visit —her first to Nigeria as Managing Director of Operations— to further the World Bank’s engagement with Nigeria on critical aspects of the country’s development agenda, including macroeconomic and fiscal policy, energy access, digital infrastructure, and skills. She will participate in a meeting of Western and Central Africa Ministers of Finance co-hosted by the Government of Nigeria and the World Bank. At the meeting, Ms. Bjerde will discuss the ambitious regional development priorities and how additional International Development Association (IDA) resources can further support countries to “leap forward” and attain sustainable growth, jobs, and development.
• “While in Nigeria, Ms. Bjerde will hold bilateral meetings with the Hon. Minister of Finance, Mr. Olawale Edun, the Hon. Minister of Budget and Economic Planning, Mr. Abubakar Atiku Bagudu, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso. She will host a roundtable discussion with private sector leaders in the energy and digital sectors.”

The World Bank’s Role in Nigeria

• The World Bank’s role in Nigeria is significant, offering substantial concessional financing for development programs across federal and state levels.
• As of January 2024, there are 30 such active programs in Nigeria, backed by over $15 billion in commitments. The World Bank’s contribution extends beyond financing, encompassing analytics, policy advisory, institutional strengthening, and implementation support.
• IFC’s involvement in Nigeria, particularly robust as the second-largest investment portfolio in Africa at $2.0 billion, aligns with strategic objectives to foster diversified growth, inclusivity, sustainability, and job creation. IFC’s presence in Nigeria is pivotal in promoting universal and green energy and green energy enhancing finance access for MSMEs. Additionally, it bolsters agribusiness and manufacturing, which are crucial for food security, domestic needs, and export growth.

Source: Naira Metrics

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