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Importance of International Bank for Reconstruction and Development (IBRD) to Developing Countries

Nigeria in particular has benefitted greatly from the World Bank as one of the developing nations of Africa, since it attained independence in 1960. Nigeria collected loans from the World Bank up to ₦58 million after her independence in 1960 to carry out the construction of the power station known as Kainji Dam. In 1970, after the civil war, Nigeria was also assisted by the World Bank with the sum of ₦60 million to carry out the establishment of oil palm project, and the construction of many educational institutions in the areas affected by the civil war. A lot of technical assistance has been provided by the World Bank to West Africa for the purpose of planning and implementation of projects that require high level manpower. Hence, the World Bank is widely known among the developing countries of the world.