The World Bank has approved $2.25 billion in financing to aid Nigeria’s economic stability efforts and bolster support for vulnerable populations. This includes $1.5 billion for the Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Programme (DPF), and an additional $750 million for the Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (PforR).
The funding aims to assist Nigeria in mobilizing non-oil revenues, ensuring fiscal sustainability, and providing essential resources for public services. Recognizing Nigeria’s ongoing economic reforms amidst challenging conditions, the World Bank highlighted measures such as unifying exchange rates, adjusting gasoline prices, and implementing targeted cash transfer programs to mitigate inflation’s impact on vulnerable households.
Minister of Finance, Wale Edun, welcomed the support, emphasizing Nigeria’s commitment to sustaining macroeconomic and social protection reforms to foster inclusive growth and job creation. World Bank Vice President for Western and Central Africa, Ousmane Diagana, stressed the importance of continuing reforms to stabilize the economy and alleviate poverty.
The RESET DPF focuses on strengthening economic policies and creating fiscal space, while ARMOR PforR supports tax reforms and enhances revenue administration to safeguard oil revenues. Established in 1960, the International Development Association (IDA) remains a crucial partner in supporting development initiatives across Africa and globally, targeting poverty reduction and economic advancement.
