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World Bank Assures Support For Nigeria’s Poverty Alleviation Drive

The The World Bank Group (WBG) has expressed its readiness to help in increasing assistance to Nigeria’s poor and vulnerable.
Nigeria’s Vice President, Prof. Yemi Osinbajo, in a tweet on Friday, said he met with WBG President, David Malpass, and discussed a wide range of issues relating to climate, energy, investment, exchange rate, and poverty reduction.
He tweeted: “It was a pleasure to meet with President @DavidMalpassWBG of the WBG.
“We discussed Nigeria’s ETP, our commitment to carbon neutrality, Nigeria’s development alongside our climate ambition, strengthening energy institutions and market, attracting FDIs and exchange rate unification.
“I was pleased to hear the World Bank Group’s readiness to support Nigeria on a few fronts including increasing social assistance for the poor and vulnerable”, Osinbajo added.
In a related development, the Vice President hinted that he also met with U.S. Treasury Secretary, Janet Yellen, to seek support for Nigeria’s ETP and for Nigeria’s participation as a G7 Climate Partnership Country.
Osinbajo is in Washington, U.S., to seek global partnerships and support for Nigeria’s recently inaugurated Energy Transition Plan (ETP).
The Vice President last Wednesday departed Nigeria to the U.S as a leader of the Nigeria’s Energy Transition Implementation Working Group (ETWG) for meetings with government, the private sector, and other development partners for support on the implementation of the newly launched Energy Transition Plan (ETP)
The Nigeria’s ETP is a data-backed and multi-pronged strategy developed for the attainment of 2060 net-zero carbon emissions.
The Plan, which requires $410 billion to achieve its targets by 2060, has commitments in five critical sectors, namely Power, Cooking, Oil and Gas, Transport and Industry.
To ensure its effective implementation, the Plan needs at least $10 billion yearly above business as usual spending.
At the inauguration event, the World Bank and a renewable energy organization, Sun Africa pledged $1.5 billion each for the takeoff of the Plan’s implementation.
World Bank Group

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