FOR reducing the level of endemic poverty in the country, the World Bank has promoted Nigeria from a low income country ranking to a medium income position with the privilege of borrowing from the Breton Wood’s elite club, the International Bank for Reconstruction and Development (IBRD). The decision elevating the country’s rating , according to the World bank Country Director for Nigeria , Ms. Marie Francoise Marie-Nelly, was taken at the last month’s Spring meeting of the World Bank / International monetary Fund (IMF) in Washington.
She said the decision was taken after a review of the Nigeria’s economic indication revealed that there was a reduction in poverty rate per capita in the country which has now dipped to 62.6 per cent from 64.2 per cent as well as improvement in revenue accretion. The World Bank boss, who spoke to journalists in Abuja on the post-Spring meetings, said the implication of the promotion was that Nigeria now would have more access to resources from its creditors as it becomes eligible to borrow not only from the International Development Association (IDA) but also from the International Bank for Reconstruction And Development (IBRD).
She said: “ This follows the Bank’s resolve to give the country a ‘blend’ status in its 2014-2017 Country Partnership Strategy (CPS) document which would be release later this year. The blend status, which is for a period of six to seven years applies to countries with gross national income per capita of about $1,170.”