The World Bank has fixed December 16 as the tentative date for the approval of Nigeria’s $1 billion Development Policy Financing (DPF) under the Nigeria Actions for Investment and Jobs Acceleration programme.
According to a project document published by the bank last week, the facility comprises a $500 million International Development Association (IDA) credit and a $500 million International Bank for Reconstruction and Development (IBRD) loan.
The proposed financing, which falls under the bank’s Macroeconomics, trade and investment practice for the Western and Central Africa region, is aimed at supporting ongoing economic reforms, boosting private investment, and creating jobs in Africa’s largest economy.
The document noted that the operation seeks to consolidate Nigeria’s post-reform stability and promote inclusive growth across key sectors. Implementation will be coordinated through the Federal Ministry of Finance, with the World Bank approving the preparation process to proceed.
Since 2023, Nigeria has embarked on sweeping reforms, including the removal of petrol subsidy, the unification of exchange rates, and the termination of Central Bank deficit financing.
The Federal Government maintains that these measures, championed under President Bola Tinubu’s Renewed Hope Agenda, have stabilised the economy, narrowed fiscal deficits and restored investor confidence.
