The approval was declared in a statement called, “Supporting Nigeria’s Homegrown Reforms: New World Bank Financing for Inclusive Growth and Revenue Diversification.
The statement announced: “Today, the World Bank has approved two initiatives: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing (DPF) Program, and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).”
Key initial steps have been taken to restore macroeconomic stability, boost revenues, and create the conditions necessary for growth and poverty reduction.
These measures include unifying multiple official exchange rates to establish a market-determined rate and significantly adjusting gasoline prices to start phasing out the costly, regressive, and opaque gasoline subsidy.
The Central Bank of Nigeria (CBN) has refocused on its core mandate of price stability, tightening monetary policy by raising interest rates to appropriately reduce inflation.
A targeted cash transfer program is being implemented to mitigate the impact of high inflation on poor and economically vulnerable households.
