Nigeria will have a staggering $1.5billion loan to help the country fight recession caused by coronavirus pandemic.

This comes after the World Bank approved the request for the loan by the federal government.

According to the Bretton Woods institution, the loan facility is a five-year Country Partnership Framework (CPF) that will last from 201 until 2024.

“This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” said Shubham Chaudhuri who is the World Bank’s Country Director for Nigeria

“To realize its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”

$1.5 billion was also tied to two projects in Nigeria, namely: Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

Nigerian Government revenues have dipped by 60 percent due to a crash in global oil prices and the COVID-19 pandemic leading to the country’s economic recession.