The World Bank may approve loans to Nigeria totaling $2.25 billion across two major projects on June 13, 2024.
According to official documents obtained by TheWitness, the funds will be distributed between two projects aimed at enhancing Nigeria’s economic stability and resource mobilization capabilities.
The first project, the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing (DPF), is set to receive $1.5 billion.
The second project, NG Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR), has proposed funding of $750 million.
Discussions are currently underway between the World Bank and Nigerian authorities to finalize the terms of these loans. These negotiations are critical as they shape the financial and operational frameworks that will govern the implementation of the projects.
The funds are expected to bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilization, essential for the country’s long-term financial sustainability and economic resilience.
