The statement highlighted that the event aims to rally African leaders towards advocating for a substantial replenishment of the World Bank’s International Development Association concessional lending arm.

During the summit, VP Shettima is anticipated to play a pivotal role in championing Nigeria’s vision for an impactful IDA21 financing package, aimed at accelerating development across the continent from 2024 to 2026.

Hosted by Kenyan President William Ruto, the high-level gathering will focus on urgent priorities for IDA’s upcoming three-year funding cycle, as outlined in the draft “Nairobi IDA Communique.” These priorities encompass crucial areas such as human capital development, job creation, energy and digital access enhancement, climate resilience building, and sustainable growth promotion.

Acknowledging the current contribution of $23.5 billion from donors to the ongoing IDA20 cycle, the communiqué underscores the inadequacy of this level of financing to meet the extensive investment requirements. It urges IDA partners and donors to increase their commitment to ensure a robust replenishment for IDA21.

Shettima is expected to underscore the vital role of partners like IDA in realizing Nigeria’s economic transformation agenda, particularly in light of the significant investments needed in sectors such as job creation, energy access, and human capital development to cater to the country’s youthful population.

The statement further noted that the Nairobi summit follows previous IDA gatherings held in Abidjan in 2021 and Dakar in 2022, where African leaders joined forces to advocate for substantial IDA20 replenishment from donors.