In a notable show of support for Nigeria’s reform agenda, the World Bank has ratified a loan of $2.25 billion to promote and sustain the country’s reform efforts aimed at boosting non-oil revenue and assisting vulnerable populations.
Out of the total loan package, $1.5 billion is earmarked for the country’s Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative within the Development Policy Financing Programme (DPF). An additional $750 million is allocated for the Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (PforR).
The World Bank acknowledged Nigeria’s significant reform measures to enhance macroeconomic stability, spotlighting the government’s unification of exchange rates and realignment of energy pricing to remove costly fuel subsidies. The Central Bank of Nigeria’s (CBN) commitment to its principal role of maintaining price stability and its proactive stance on inflation with interest rate adjustments was also recognized.
READ MORE: President Tinubu Celebrates 25 Years Of Nigerian Democracy, Emphasises Governance Beyond Elections
Finance Minister Wale Edun expressed gratitude for the World Bank’s substantial support and reaffirmed the government’s dedication to advancing comprehensive reforms for macroeconomic solidity and stimulating growth that yields job creation and widespread opportunities.
The lender’s investment is geared towards helping Nigeria reset its economy and alleviate poverty, with potentially far-reaching impacts as a paradigm for the African continent. Ousmane Diagana, World Bank Vice President for Western and Central Africa, stressed the significance of Nigeria persevering with its reform path and highlighted the importance of providing relief to those affected by the economic changes.
The World Bank’s funding reaffirms its partnership with Nigeria, aiming to invigorate the economy and expedite progress towards poverty reduction.
