In a significant boost to Nigeria’s economic reform efforts, the World Bank has disbursed $751.88 million, part of a $1.5 billion loan aimed at supporting the country’s economic stabilization and transformation.
This initial tranche of funding marks a crucial step towards implementing the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) project, a comprehensive initiative designed to revitalize Nigeria’s economy.
The RESET project, which comprises two agreements – an International Development Association (IDA) credit of $750 million and an International Bank for Reconstruction and Development (IBRD) loan of $750 million – seeks to achieve several key objectives.
These include increasing fiscal oil revenues, boosting non-oil fiscal revenues, expanding social safety nets for 67 million vulnerable Nigerians, and raising the import value of previously banned products.
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According to the World Bank, the disbursed loan includes $750 million from the IDA and $1.88 million from the IBRD, with the remainder to be disbursed at a later date.
The Federal Ministry of Finance, in collaboration with other national stakeholders, is responsible for implementing these reforms under the World Bank’s supervision.
This funding injection is expected to play a vital role in supporting Nigeria’s economic reform agenda, which aims to create a more stable and inclusive economy. As the World Bank noted, “The RESET project is designed to help Nigeria achieve a more sustainable and inclusive economic growth trajectory.”
With this funding, Nigeria is poised to take a significant step towards achieving its economic goals and improving the lives of its citizens.
