Federal Republic of Nigeria
          Performance and Learning Review of the Country Partnership Strategy
                                      Chair Summary*

                                     September 22, 2016
Executive Directors discussed the Performance and Learning Review of the joint
IBRD/IDA/IFC/MIGA Country Partnership Strategy for the Federal Republic of Nigeria.
Directors welcomed the CPS adjustment to Nigeria’s emerging priorities, particularly the greater
engagement on macroeconomic challenges and support to the North East of the country.
Directors noted the role of Nigeria’s economy in stability and growth of the Africa Region and
globally, emphasizing the critical importance of prudent macroeconomic management.
Directors stressed close engagement with the IMF and a coordinated approach on
macroeconomic and policy dialogue. They welcomed the addition of a cross-cutting cluster on
macroeconomic resilience and attention to fiscal challenges at national as well as subnational
levels, and exchange rate as well as subsidy reforms.
Directors welcomed a continued, strong World Bank Group engagement, recognizing the
country’s large financing needs. They underscored the need to diversify growth and develop the
non-oil revenue sources and sectors of the economy, particularly agriculture. Directors
welcomed the one World Bank Group approach in Nigeria, particularly in energy access and
financial sector development. Directors noted the need for continued emphasis on gender,
climate change, and transparency in WBG operations. They recognized the good progress made
in existing operations incorporating service delivery, subnational approaches, and an adaptive
approach based on lessons learned. Directors urged a careful approach to potential development
policy financing with commensurate reforms, strong prior actions, an adequate macroeconomic
framework, and monitoring of progress. Directors urged an expanded role for IFC and MIGA,
recognizing the need to significantly boost private sector-led growth and financing.
Finally, Directors noted the importance of growing fragility and the need to understand the
drivers of conflict in the North East and to reduce regional disparities. They welcomed the good
progress in health and education projects and noted the importance of monitoring and the need to
address security risk.




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* This summary is not an approved record