Here’s Why World Bank President Is Visiting Nigeria

President of the World Bank, Dr. Jim Yong Kim is expected to arrive Nigeria today on a three-day visit.

Kim is to be received on arrival by the Minister of Finance, Mrs. Kemi Adeosun, and some top government functionaries.

It is believed that Kim’s visit is in connection with issues pertaining to the economy and the support to the country’s efforts to rebuild the North-east, which has been ravaged by insurgency.

Kim’s visit is coming months after the Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde visited Nigeria.

Last month, the World Bank announced that it was setting aside $800 million in support of the rebuilding of infrastructure devastated by years of Boko Haram insurgency in the North East.

While on his visit to the United States last July, President Muhammadu Buhari obtained a $2.1 billion credit from the bank to rebuild the North-east zone.

At the meeting with representatives of the World Bank and other donor agencies, Buhari applauded the decision to invest $2.1 billion in rebuilding the troubled region

According to Buhari, “The World Bank will spend the $2.1 billion through its (International Development Agency), which gives low interest rates loans to government.

The first 10 years will be interest free, while an additional 30 years will be at lower than capital market rate. The World Bank is eager to move in quickly, give out the loans, and give succor to the people of North-east, long at the mercy of an insurgency that has claimed over 20,000 souls,”