What it does: The World Bank provides funding, carries out research, and offers advice to under-developed and developing countries to support their economic progress.
Mission: World Bank is dedicated to ending extreme poverty and promoting shared prosperity worldwide.
Size and presence: The current size of the World Bank's workforce in Nigeria is unknown, but the organization has 16000 employees worldwide.
Best known for: The World Bank is best known for its humanitarian efforts to make the world a better place. They fight poverty by providing financial and material aid. They also lend huge amounts of money to the governments of their less privileged members. This loan is for the improvement of these countries' economies and to enhance the quality of life of the citizens.
The good bits: Very attractive employee benefits. A fulfilling work experience. Flexible work arrangements. Great work culture.
The not so good bits: Long work hours. High work stress.
The World Bank was established in 1944 as the International Bank for Reconstruction and Development. It expanded to a tightly affiliated group of five development organizations. Its original purpose was to provide financial aid to countries trying to rebuild their war-ravaged countries.
Soon after, the purpose of the bank tilted from reconstruction to development. This development included the construction of electrical grids, dams, roads, and irrigation systems.
The relationship between the World Bank and Nigeria began to strengthen in 1999. The World Bank has been in partnership with Nigeria to reduce the country's poverty rate, diversify the country's income sectors, develop better human resources, and help with financial management. However, from 1999-2004, the World Bank was reluctant to release funds, and most of its development projects made little progress.
From 2007, things improved, and the release of funds picked up the pace. In 2016, Nigeria was ranked 12th among countries that have benefited the most from World Bank loans. At the time, they received a total of more than $6 billion. Today, the World Bank takes credit for several development projects in Nigeria.
World Bank's organizational culture is founded on core values such as teamwork, respect, innovation, integrity, and impact. The organization has a laid-back work environment which makes up for the long work hours. There's mutual respect between co-workers and between the management and staff members. It is an ideal environment for a fresh graduate who wants to make a difference in the world.
World Bank's activities are heavily dependent on teamwork. Regular collaborative activities have also helped to foster strong ties within the organization. Employees see themselves as more than just colleagues; they have a sense of family or community.
World Bank selects the highest caliber of qualified candidates for its job positions. The duration of its selection process may range from a few weeks to some months. It usually begins with an application, and then the candidates proceed to a round of interviews. The final stage is the job offer.
Working at World Bank offers a fresh graduate or experienced professional numerous opportunities and a fulfilling work experience. The organization also has a lot of training programs and internships that employees can take advantage of to develop themselves professionally.
Employees also learn and develop professionally through the team projects they embark on with more experienced colleagues.
A fresh graduate earns an average annual salary of ₦7.7 million.
Since the inception of the World Bank's activities in Nigeria to date, the World Bank has carried out more than 30 projects across several locations in Nigeria. The collective worth of these projects totals over $9 billion, covering sectors such as agriculture, health, energy, forestry, social protection, public administration, etc.
The World Bank isn't directly or indirectly associated with any controversy in Nigeria.