The World Bank has approved two major financial support packages totalling $2.25 billion to support Nigeria’s economic recovery efforts, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has announced.
The packages are aimed at stabilizing the economy, promoting inclusive growth, and supporting the poor and vulnerable.
The approved operations include a $1.5 billion Development Policy Financing Program (DPF) for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) and a $750 million Program-for-Results (PforR) for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR).
According to Mohammed Manga, Director, Information and Public Relations, the combined total of $2.25 billion will offer essential financial and technical support to address economic distortions, increase non-oil revenues, and ensure fiscal sustainability.
Mr. Wale Edun welcomed the support by the World Bank.
“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth,” he said.
Meanwhile, Ousmane Diagana, World Bank Vice President for Western and Central Africa, praised Nigeria’s efforts, urging the maintenance of reform momentum and continued support for the poor and vulnerable.
Diagana said: “Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty. It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis.
“This financing package strengthens the World Bank’s strong partnership with Nigeria and supports efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa”.
