The World Bank has approved a $2.25 billion loan to support Nigeria’s economic recovery efforts and reforms. The loan is expected to provide crucial support to the country’s economic stabilization and transformation efforts.
According to Nigeria’s Finance Minister, Wale Edun, the loan will be used to enhance the country’s economic policy framework, create fiscal space, and safeguard the poor and vulnerable. The loan is divided into two programs: the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Programme (DPF) worth $1.5 billion, and the Nigeria Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (PforR) worth $750 million.
The World Bank’s Vice President for Western and Central Africa, Ousmane Diagana, commended Nigeria’s efforts in repositioning its economy, stating that the country’s comprehensive macro-fiscal reforms are placing it on a new path that can stabilize the economy and lift people out of poverty.
The loan is expected to support Nigeria’s long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services. The Finance Minister welcomed the support of the World Bank, emphasizing the necessity for the reforms to create quality jobs and economic opportunities for all Nigerians.
This loan is a significant boost to Nigeria’s economic recovery efforts, and it is expected to have a positive impact on the country’s economic stability and growth.
