Minister of Finance and Coordinating Minister of the Economy, Wale Edun announced that the World Bank has approved two major financial support packages totaling $2.25 billion to aid Nigeria’s economic recovery.
The financial packages aim to stabilize Nigeria’s economy, promote inclusive growth, and support the country’s poor and vulnerable populations.
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).
Mohammed Manga, Director of Information and Public Relations, noted that the combined total of $2.25 billion will provide essential financial and technical support to address economic distortions, increase non-oil revenues, and ensure fiscal sustainability.
Edun expressed his appreciation for the World Bank’s support, stating, “We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth.”
Ousmane Diagana, World Bank Vice President for Western and Central Africa, commended Nigeria’s reform efforts and emphasized the importance of maintaining momentum.
Diagana stated, “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,” he added.
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