nigeria news: The World Bank has announced a significant $2.25 billion loan package to support Nigeria's development projects.

The World Bank has announced a significant $2.25 billion loan package to support Nigeria's development projects.

The World Bank has given the green light to two financial support packages totaling $2.25 billion to help Nigeria's efforts in revitalizing its economy. The announcement was made in a statement titled "Supporting Nigeria’s Homegrown Reforms: New World Bank Financing for Inclusive Growth and Revenue Diversification".

The statement highlighted that the World Bank has approved two operations: $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 financing package aims to provide immediate financial and technical support for Nigeria's urgent endeavors to stabilize the economy and enhance assistance to the poor and most economically vulnerable. It also supports Nigeria’s extensive, multi-year initiative to boost non-oil revenues and safeguard oil revenues in order to promote fiscal sustainability and ensure enough resources for quality public services.

The efforts are aimed at rectifying economic distortions, strengthening the fiscal outlook, and initiating steps to restore macroeconomic stability, increase revenues, and create conditions for growth and poverty reduction. This includes unifying official exchange rates, adjusting gasoline prices, and implementing a targeted cash transfer program to mitigate the impact of high inflation on the poor and economically insecure households.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasized, “We have initiated bold and necessary reforms to restore macroeconomic stability and set the country on a sustainable and inclusive economic growth path that will create quality jobs and economic opportunities for all Nigerians.”

Ousmane Diagana, the World Bank Vice President for Western and Central Africa, expressed support for the RESET and ARMOR programs, underlining Nigeria's efforts to implement far-reaching macro-fiscal reforms and the need to sustain the reform momentum to expand protection for the poor and economically at risk.