World Bank Approves $2.25 Billion for Nigeria's Economic Stabilization and Resource Mobilization Reforms
The World Bank has approved a $2.25 billion financing package for Nigeria to support the country's efforts to stabilize its economy and increase non-oil revenues.
The approval was announced in a statement yesterday titled, “Supporting Nigeria’s Homegrown Reforms: New World Bank Financing for Inclusive Growth and Revenue Diversification”.
The financing package includes $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).
The statement emphasized that this combined package provides immediate financial and technical support to Nigeria's urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk.
It further supports Nigeria's ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services.
Nigeria, facing a fragile economic situation, has recognized the urgency of changing course and has embarked on critical reforms to address economic distortions and strengthen the fiscal outlook.
Initial critical steps to restore macroeconomic stability, boost revenues, and create the conditions
