FG Backs Regional Economic Reforms With $500,000 AFRITAC Funding

The federal government has committed 500,000 dollars to AFRITAC West 2 Phase III, reinforcing efforts to strengthen policy capacity and macroeconomic management across West Africa.

The agreement was signed during the IMF/World Bank Spring Meetings involving senior officials from the International Monetary Fund (IMF) and the Central Bank of Nigeria (CBN), on Friday in Washington.

AFRITAC West 2 (AFW2) is an IMF-supported regional technical assistance centre based in Accra, Ghana, that strengthens economic institutions in six West African nations, Cabo Verde, the Gambia, Ghana, Liberia, Nigeria, and Sierra Leone.

As part of the IMF’s capacity-building initiatives, it provides technical assistance and training to promote macroeconomic stability, improve public finance management, and enhance financial sector supervision.

Catriona Purfield, Director of the IMF’s Institute for Capacity Development (ICD), described Nigeria’s contribution as a strategic investment in human capital and policy expertise across participating countries.

Purfield said the commitment demonstrated Nigeria’s dedication to developing skilled personnel and strengthening policy frameworks within the region.

She said the move also signalled strong support to development partners and reinforced confidence in AFRITAC’s capacity-building programmes.

The IMF African Department Deputy Director, Montfort Mlachila, commended Nigeria’s contribution, describing it as a clear indication of commitment to the centre’s sustainability.

Mlachila said Nigeria’s support highlighted appreciation of the programme’s benefits and the role of development partners in advancing economic stability.

The CBN governor, Olayemi Cardoso, reaffirmed Nigeria’s commitment to sustaining collaboration and expanding the impact of the partnership.

He said the initiative remained focused on investing in people, strengthening institutions and consolidating gains achieved through ongoing cooperation.