World Bank launches $8billion CPS for Nigeria

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Nigerian Tribune by Gbola Subair

July 8, 2014

http://www.tribune.com.ng/news/news-headlines/item/10032-world-bank-launches-8billion-cps-for-nigeria

The launching event aims to make the objectives and outcomes of the strategy known to all beneficiaries, namely the federal and state government officials, the MDAs (federal and state), media, Civil Society Organizations (CSOs), the private sector, academics, researchers, professionals and other stakeholders.

The new strategy’s endorsement comes at an opportune time, just as Nigeria is redoubling its efforts to tackle critical development challenges and is committing itself to lift major constraints that are hindering it from achieving broad-based, inclusive economic growth and poverty reduction goals, analysts said.

The new partnership strategy, jointly developed with the government of Nigeria, would support the country’s Vision 20: 2020 plan and its transformation agenda; which set out Nigeria’s long-term development objectives and the medium-term strategy for operating the vision, sources said.

The strategy includes support for a bold and ambitious program of development targets and interventions for the next four years.

According to the Coordinating Minister for the Economy and Minster of Finance, Ngozi Okonjo Iweala, “the Country Partnership Strategy is very commendable and in line with the Transformation Agenda of the Federal Government. It supports our development objective.”

Marie Francoise Marie-Nelly, World Bank Country Director for Nigeria, also said “the new strategy is a joint product, developed in close consultation with the Government of Nigeria and stakeholders under the Country Assistance Framework, a strategic platform developed by Nigeria’s partners to coordinate interventions and leverage resources to deliver strong results and development solutions,” said. “It reflects Nigeria’s development aspirations and commits the World Bank Group to working hand-in-hand to unleash Nigeria’s potential for the benefit of all Nigerians.”

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