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
Nigeria Forges Strategic Ties As Finance Minister Meets Afeximbank President At IMF/World Bank Annual Meetings
Joel Ajayi
In a significant move to bolster Nigeria’s economic prospects, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, held a key meeting with Afreximbank’s President, Benedict Oramah on the sidelines of the World Bank-IMF Annual Meetings in Washington D.C., Oando Group’s President, Mr. Wale Tinubu was also present.
The discussions focused on deepening financial collaboration to support President Bola Ahmed Tinubu’s economic reforms and strengthen Nigeria’s energy and trade sectors.
During the meeting, the Minister highlighted the Nigerian Government ’s commitment to driving economic growth through strategic partnerships.
He praised Afreximbank’s pivotal role in Nigeria, particularly through initiatives like the $3 billion crude oil repayment loan with NNPC, which has been critical in stabilizing the economy and supporting fiscal reforms.
*The collaboration with Afreximbank is essential to our broader economic agenda,* Edun noted, emphasizing the importance of securing financial support for key sectors such as energy, infrastructure, and trade.
President Oramah reaffirmed Afreximbank’s commitment to Nigeria’s economic progress, while Wale Tinubu of Oando Group stressed the need for continued investment to bolster the oil and gas sector, a key revenue generator for the country.
As Nigeria strives to overcome its economic challenges, the convergence of HM Edun, Afreximbank’sPresident Oramah and Oando Group’sPresident Wale Tinubu signals a renewed commitment to fostering financial and investment partnerships.
By deepening ties with Afreximbank and other key stakeholders, the nation is poised to stabilize its economy, drive growth, and unlock its vast potential.
With the right policies and partnerships in place, Nigeria can transition from recovery to sustained growth, ultimately lifting millions out of poverty and cementing its position as a leading African economy.
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