Africa’s Giant, Nigeria, is the continent’s largest economy, with an abundance of resources, a young and entrepreneurial population, and a dynamic private sector. But with the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging Nigeria in its deepest recession since the 1980s and pushing an additional 5 million Nigerians into poverty in 2020. To realize its long-term potential, Nigeria has to make tangible progress on key challenges and pursue some bold reforms. The World Bank Group has prepared a new five-year Country Partnership Framework or CPF that is aligned with Nigeria’s development strategy and economic sustainability plan. Together. It will focus on investing in human capital; promoting jobs and economic transformation and diversification; reducing fragility and building resilience; and strengthening the foundations of the public sector.
