Business
Finance Minister Announces $2.25 billion World Bank Support For President Tinubu’s Economy Reforms
Joe Ajayi
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced today the approval of two major financial support packages by the World Bank. This is part of President Tinubu’s ongoing efforts to stabilize the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.
The approved operations include $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).
This combined total of $2.25 billion will offer essential financial and technical support as the government continues to address economic distortions.
Additionally, it will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.
Economic Stabilization and Growth.
Upon assuming office, the Federal Government was confronted with significant economic challenges, and recognized the need for urgent reforms to correct the economic imbalance and strengthen Nigeria’s financial outlook. Initial critical steps have been taken to restore macroeconomic stability, boost revenues, and create the conditions necessary to reignite growth and reduce poverty.
These ongoing measures are part of a broader strategy to increase revenues, create jobs, and foster sustainable economic growth.
Mr. Wale Edun has welcomed the support of the World Bank and emphasized the necessity for the reforms:
“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth.
“These reforms will create quality jobs and economic opportunities for all Nigerians. 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.”
World Bank Endorsement
Ousmane Diagana, the World Bank Vice President for Western and Central Africa, praised Nigeria’s efforts: “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.”
Focus Areas of the Programmes.
RESET DPFAims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable.
ARMOR PforR: Supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.
Business
Climate Change: GIZ Lead Efforts To Boost Collaboration In Africa
Mariam Sanni
The German Agency for International Cooperatives ,GIZ has intensify efforts on climate change by announcing the formation of Association of Africa Climate Adaptation Business Network (AACABN) to foster collaboration among African businesses dedicated to climate adaptation.
Dr. Denis Mujibi of Usomi (Usomi) expressed gratitude to the German government, GIZ, and all stakeholders for their support.
He is the first cohort to establish such an association that is also aimed to build on the program’s momentum on climate adaptation.
The association selected Suleiman Dikwa (Green Sahara Nigeria) as Chairman and Dr. Denis Mujibi (Usomi) as Secretary. The Steering Committee comprises four members: Greg Ikwe (Oklan Best Limited), Elizabeth Mbogo (Nazava), Ibukunoluwa Animashaun (FutuX Agri-consult Ltd), and Greg Ikwe (Oklan Best Limited).
GIZ has endorsed this initiative, recognizing its strategic alignment with their objectives to sustain support for climate adaptation businesses and facilitate investment in the sector.
The establishment of AACABN marks a significant step towards creating a unified network of climate adaptation enterprises across Africa, poised to drive meaningful change and innovation.
Similarly , the two-year program, organized by GIZ, aimed at enhancing business modeling and financial linkages for climate adaptation, has successfully come to a close.
The intensive program engaged 13 select African companies from Kenya and Nigeria, with the final segment held at a summer camp in Feldafing, Germany.
The initiative focused on developing sustainable business models, measuring impact, and preparing companies for investment readiness in the climate adaptation sector. Participants underwent diverse training modules tailored to address various sectors, including:Agriculture, Forestry, Climate-smart technologies , Infrastructure, Irrigation, Water, among others .
Through this program, participants gained valuable insights and skills to refine their business approaches and adapt to evolving climate challenges.
During the closing ceremony, the African Climate Adaptation Business Network was formally established,
The Program Head Denise Engel praised the program’s achievements in promoting peer learning and enhancing business models to attract investments.
Inaugural Members of PrivABoo: Arctic, Infrastructure, Botanic Treasures, CoFarms
Ecocycle,FutuX Agri-consult Ltd, Green Sahara, IrriHub, MajiAgri, Nazava,Oklan Best Limited,Peal, Agro., Usomi, Utooni, and White Gold Camel Milk
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