Nigeria Fulfils Obligation To World Bank

Nigeria Fulfils Obligation To World Bank
Nigeria Fulfils Obligation To World Bank

Nigeria fulfilled its membership obligations to international organizations in 2024 by disbursing N32 billion to the World Bank and five other global bodies. The recipients included the African Union, African Development Bank, Organisation of Petroleum Exporting Countries, International Labour Organisation, and Organisation of African Trade Union Unity.

The disbursements were made in July 2024 through the Office of the Accountant General of the Federation. A breakdown of the payments shows that:

- *N10 billion* was disbursed to the World Bank, AfDB, and OPEC on July 5, 2024.
- *N20 billion* was paid to the African Union on July 8, 2024.
- *N2 billion* was transferred to the International Labour Organisation and Organisation of African Trade Union Unity on July 2, 2024.

Nigeria's contributions to these international organizations are crucial, as they determine the country's voting power and influence within these institutions. As of December 31, 2024, Nigeria's voting shares within the World Bank Group stood at 0.71% in the International Bank for Reconstruction and Development, 0.43% in the International Development Association, 1.12% in the International Finance Corporation, and 0.78% in the Multilateral Investment Guarantee Agency.

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