The World Bank has approved a $2.25 billion loan facility for Nigeria.
This is to support President Bola Ahmed Tinubu’s economic reforms not minding the rising debt profile in the country.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy disclosed this in a statement on Thursday.
According to him, the loan is to fund two critical economy projects, Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) and NG Accelerating Resource Mobilization Reforms Programme-for-Results (ARMOR) with a proposed funding of $1.5 billion and $750 million respectively.
“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals,” Edun said in a statement released by the Ministry of Finance Thursday.
He added that the loan would also provide urgent support to the poor and vulnerable.
The statement quoted Ousmane Diagana, the World Bank Vice President for Western and Central Africa saying 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.”
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