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Monetary Policy

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International Operations

What is generally called the World Bank was founded as the International Bank for Reconstruction and Development (IBRD) in1944, at the Bretton Woods, New Hampshire State, United States of America conference of forty four (44) governments that considered the approaches to reconstruction, after the devastations of World War II. It has since expanded into a Group made up of:

• The International Bank for Reconstruction and Development (IBRD)
• The International Development Association (IDA)
• The International Finance Corporation ) IFC)
• The Multilateral Investment Guarantee Agency (MIGA)
• The International Center for Settlement of Investment Disputes

Nigeria is among the one hundred and eighty four (184) member countries of the World Bank. The Bank’s focus has shifted from development and poverty reduction. Indeed, the Bank and the International Monetary Fund (IMF) introduced Poverty Reduction Strategy Paper (PRSP) as a condition for lending to developing countries, in order to ensure that the living standards of the poor are lifted by public expenditure. PRSPs were also a condition for the Highly Indebted Poor Countries Initiative (HIPC) programme. Nigeria entered the process but eventually ended with the National Economic Empowerment and Development Strategy (NEEDS).

As of July 2006, the World Bank has approved about one hundred and twenty one (121) IBRD and IDA credits for Nigeria for a total amount of approximately nine billion and one hundred million United States dollars (US$9.1 billion). One of the projects designed and financed in Nigeria from the min-1970s is the Agricultural Development Projects (ADPs) which has continued till today. Indeed, the Bank has differed from the IMF in respect of subsidy on agricultural inputs.

At the beginning of 2001, the Bank has been involved in community based Poverty Reduction Projects in Abia, Cross-River, Delta, Ebonyi, Ekiti, Gombe, Kebbi, Kogi, Kwara, Osun, Yobe and Zamfara states. Projects being funded in the country include

• 300 school projects
• 170 water projects
• 90 road projects
• 85 health projects
• 70 electricity projects
• 60 other projects

In support of Nigeria’s anti-corruption programmes, the Bank brokered an agreement between Nigeria and Switzerland for the repatriation of US$458 million of corruptly laundered funds in Swiss banks. The World Bank country office in Nigeria is very active in supporting both government reform activities and civil society development. In association with the IMF, the Bank has supported public expenditure Management studies and reform programmes in Nigeria.

Visit the AFDB website - http://www.afdb.org/
Visit the AACB website - http://www.aacb.org
Visit the World Bank Website - http://www.worldbank.org
Visit WAIFEM website - http://www.waifem.org/
Visit the ECOWAS website - http://www.ecowas.int/
Visit the WAMI website - http://www.wami-imao.org/
Visit WAMA website - http://www.wama-amao.org/
Visit NEPAD website - http://www.nepad.org/
The IMF website - http://www.imf.org
Read Frequently Asked Questions (FAQs) on Monetary Policy