The Nigerian government spent ₦32 billion in 2024 to fulfill its financial commitments to six international organizations, including the World Bank, African Union (AU), and African Development Bank (AfDB).
The funds were disbursed through the Office of the Accountant General of the Federation (OAGF) in July, 9News Nigeria reports.
The disbursement highlights Nigeria’s role in global economic initiatives.
As a World Bank member, Nigeria contributes to its capital base, which grants it shares that determine its voting power and influence.
By the end of 2024, Nigeria held 0.71% of the voting shares in the International Bank for Reconstruction and Development, 0.43% in the International Development Association (IDA), 1.12% in the International Finance Corporation, and 0.78% in the Multilateral Investment Guarantee Agency.
The financial breakdown showed ₦10 billion allocated to the World Bank, AfDB, and the Organisation of Petroleum Exporting Countries (OPEC) on July 5, ₦20 billion to the AU on July 8, and ₦2 billion to the International Labour Organisation (ILO) and Organisation of African Trade Union Unity (OATUU) on July 2.
The State House Director of Information, Abiodun Oladunjoye, confirmed that Nigeria met all its financial obligations to international organizations in 2024.
The World Bank, Nigeria’s largest lender, approved $1.57 billion in September 2024 for health, education, and sustainable energy projects.
Additionally, the bank is considering three new loan projects worth $1.65 billion in 2025 to tackle Nigeria’s pressing challenges.
This financial commitment proves Nigeria’s dedication to global partnerships.
