Nigeria's VP Shettima Attends IDA21 Summit in Kenya as President Tinubu Visits Saudi Arabia

Nigeria's Vice President Kashim Shettima has landed in Nairobi, Kenya on a chartered jet to represent President Bola Tinubu at the International Development Association (IDA21) Heads of State Summit. President Tinubu is currently attending the World Economic Forum in Saudi Arabia and was unable to make the trip to Kenya due to mechanical issues with the presidential aircraft.

The IDA21 summit, hosted by Kenyan President William Ruto, aims to secure an ambitious replenishment of the World Bank's IDA concessional lending arm. African leaders are joining forces to advocate for increased support for the continent's development goals over the 2024-2026 period. The draft 'Nairobi IDA Communique' outlines urgent priorities for IDA's next three-year funding cycle, including building human capital, creating jobs, enhancing energy and digital access, building climate resilience, and promoting sustainable growth.

VP Shettima is expected to take a lead role in advocating for Nigeria's vision of a transformative IDA21 financing package to accelerate development across Africa. He will also speak on the strategic role of IDA in realizing Nigeria's economic transformation agenda, particularly in areas such as job creation, energy access, and human capital development. With Nigeria's young population requiring substantial investments, Shettima will be advocating for a partnership to strengthen the country's economic transformation plan.

Why this matters: The IDA21 summit provides a crucial platform for African leaders to unite and call for increased global financing to support the continent's development goals. Nigeria, as Africa's largest economy, plays a key role in advocating for a robust IDA replenishment to drive advancements across the region.

The communique states that the current IDA20 cycle's funding of $23.5 billion is inadequate to meet the massive investment needs, and it calls on IDA partners and donors to ensure a robust replenishment for IDA21. "The current IDA20 cycle's $23.5 billion in financing was inadequate to meet the massive investment needs," the draft communique noted. VP Shettima's participation demonstrates Nigeria's commitment to securing crucial global financing for development on the continent.

Key Takeaways

• Nigeria's VP Shettima represents Pres. Tinubu at IDA21 summit in Kenya.
• African leaders advocate for increased IDA funding to support development goals.
• IDA21 communique outlines priorities like human capital, jobs, energy, and climate.
• Nigeria seeks transformative IDA21 financing to accelerate economic development.
• Current IDA20 funding of $23.5B deemed inadequate, calls for robust IDA21 replenishment.