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International Operations

World Bank and Nigeria

What is generally called the World Bank was founded as the International Bank for Reconstruction and Development (IBRD) in1944, at the Bretton Woods, New Hampshire State, United States of America conference of forty four (44) governments that considered the approaches to reconstruction, after the devastations of World War II. It has since expanded into a Group made up of:

  • The International Bank for Reconstruction and Development (IBRD)
  • The International Development Association (IDA)
  • The International Finance Corporation ) IFC)
  • The Multilateral Investment Guarantee Agency (MIGA)
  • The International Center for Settlement of Investment Disputes

Nigeria is among the one hundred and eighty four (184) member countries of the World Bank. The Bank’s focus has shifted from development and poverty reduction. Indeed, the Bank and the International Monetary Fund (IMF) introduced Poverty Reduction Strategy Paper (PRSP) as a condition for lending to developing countries, in order to ensure that the living standards of the poor are lifted by public expenditure. PRSPs were also a condition for the Highly Indebted Poor Countries Initiative (HIPC).

As of September 2011, the World Bank has approved about one hundred and eighty two (182) IBRD and IDA credits for Nigeria for a total amount of approximately US$10.5 billion. The commitment value of the 29 on-going projects is about US$4.5 billion. One of the projects designed and financed in Nigeria from the mid-1970s is the Agricultural Development Projects (ADPs) which has continued till today.

Some of the on-going projects are directed at management of mineral resources, road network development, transportation, power projects, poverty reduction, education, health projects, water projects, capacity building, amongst others.

Visit the AFDB website - http://www.afdb.org/
Visit the AACB website - http://www.aacb.org
Visit the World Bank Website - http://www.worldbank.org
Visit WAIFEM website - http://www.waifem.org/
Visit the ECOWAS website - http://www.ecowas.int/
Visit the WAMI website - http://www.wami-imao.org/
Visit WAMA website - http://www.wama-amao.org/
Visit NEPAD website - http://www.nepad.org/
The IMF website - http://www.imf.org
Read Frequently Asked Questions (FAQs) on Monetary Policy

Facts : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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