World Bank Approves $2.25 Billion to Support Nigeria’s Economic Reforms

By Joke Kujenya

IN FUNDING to support Nigeria’s economic stabilization and reform initiatives, the World Bank has approved $2.25 billion loan.  

The package includes $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Programme and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Programme-for-Results.

This financial support aims to stabilize Nigeria’s economy and assist vulnerable populations.

Part of the key reform measures include unifying multiple exchange rates, adjusting gasoline prices to phase out subsidies, and tightening monetary policy to control inflation, adding that the Central Bank of Nigeria (CBN), is focusing on price stability, and a cash transfer programme is being implemented to help economically insecure households.

Finance Minister Wale Edun highlighted the importance of these reforms in restoring macroeconomic stability and promoting sustainable growth.

World Bank Vice President for Western and Central Africa, Ousmane Diagana, emphasized the critical need to maintain reform momentum to stabilize the economy and reduce poverty.

The RESET DPF focuses on strengthening Nigeria’s economic policy framework and protecting vulnerable populations, while the ARMOR PforR supports tax and customs reforms and safeguards oil revenues.

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