World Bank Pledges $2.1 Billion to Nigerian Rebuilding Efforts

For the past six years, Nigeria has fought an ongoing battle against radical Islamic extremist group Boko Haram in its northern region. The insurgency aims to carve out a caliphate from the northern Nigerian territory. Nigerian forces have scored a number of key victories, indicating an end to the hostility may soon be a reality. Nevertheless, Nigeria continues its struggle and seeks to maintain order and smooth operation of normal social functions in the area.

For the past six years, Nigeria has fought an ongoing battle against radical Islamic extremist group Boko Haram in its northern region. The insurgency aims to carve out a caliphate from the northern Nigerian territory. Nigerian forces have scored a number of key victories, indicating an end to the hostility may soon be a reality. Nevertheless, Nigeria continues its struggle and seeks to maintain order and smooth operation of normal social functions in the area.

To that end, the World Bank has pledge to spend up to $2.1 billion to rebuild the northeastern region of Nigeria, according to Reuters. Nigeria’s President Muhammadu Buhari announced the reported pledge on Tuesday.

On Monday, President Buhari visited Washington, D.C. to meet with President Barack Obama to discuss dealing with the remaining insurgency forces. On Tuesday, Buhari also met with representatives of the World Bank, the Bill and Melinda Gates Foundation, and the World Health Organization (WHO) during his trip to Washington. President Buhari is keenly aware of the importance in rallying international support for the rebuilding efforts, particularly given the role of Nigeria as Africa’s largest economy.

A spokesperson, speaking on behalf of the World Bank, indicated that during the meeting with President Buhari, they discussed an amount of $2.1 billion that the Bank might be willing to lend to Nigeria. The funds would flow from the World Bank’s development agency and/or the International Bank for Reconstruction and Development.

The fighting with Boko Haram displaced more than one million people from Northern Nigeria.  Buhari indicated that Nigeria needs the funds for both infrastructure and social programs.

“Apart from rebuilding the region in terms of infrastructure, priority must also be given to the resettlement of internally displaced persons, who now number over one million,” Buhari said in his statement.

If granted, the loan described by President Buhari and the World Bank would be interest-free for the first 10 years, helping the African nation to rebuild without immediately finding itself choked with debt.

President Buhari’s statement also said that the World Health Organization would spend $300 million on immunizations for North Nigerian refugees against malaria. Similarly, the Bill and Melinda Gates Foundation would work with Nigeria’s Dangote Foundation to maintain the nation’s current record of zero polio cases.