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

The World Bank has approved a $2.25 billion loan package to support Nigeria’s economic reform initiatives.

The loan is aimed at stabilizing the economy, enhancing growth, and supporting vulnerable populations.

The package consists of $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) program and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) program.

The World Bank emphasized Nigeria’s commitment to implementing essential reforms, including unifying exchange rates, adjusting gasoline prices, and tightening monetary policy to reduce inflation.

The loan aims to support Nigeria in strengthening its economic policy framework, creating fiscal space, and protecting vulnerable populations.

Nigeria’s Finance Minister, Wale Edun, expressed appreciation for the World Bank’s support, stating that the reforms aim to restore macroeconomic stability and create quality jobs and economic opportunities for all Nigerians.

The World Bank’s Vice President for Western and Central Africa, Ousmane Diagana, praised Nigeria’s efforts, noting that the reforms place the country on a new path towards economic stability and poverty reduction.

This loan package reinforces the World Bank’s partnership with Nigeria and its commitment to supporting economic reform efforts in Africa.