The World Bank said the new strategy was deemed necessary, following the recent Gross Domestic Products, GDP, rebasing exercise in which now puts Nigeria as Africa’s largest economy.
It added that the new strategycame at an opportune time just as Nigeria is redoubling 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.
According to the bank, the launching event was aimed at making the objectives and outcomes of the strategy known to all beneficiaries, namely the federal and state government officials, the Millennium Development Agencies, MDAs, federal and state, media, Civil Society Organizations, CSOs, the private sector, academics, researchers, professionals and other stakeholders
The new partnership strategy, jointly developed with the Government of Nigeria, is supportive of 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 operationalising this vision.
The strategy includes support for a bold and ambitious program of development targets and interventions for the next four years.
Specifically, the World Bank Group’s support for Nigeria is structured around three strategic priorities: Promoting growth and job creation by reforming the power sector, enhancing agricultural productivity, and increasing access to finance; improving the quality and efficiency of social service delivery at the State level to promote social inclusion and strengthening governance and public sector management, with gender equity and conflict sensitivity as essential elements of governance.
The Coordinating Minister for the Economy and Minster of Finance, Ngozi Okonjo Iweala, said “The Country Partnership Strategy is very commendable and in line with the Transformation Agenda of the Federal Government. It supports our development objective.”