Nigeria Invests $500,000 in AFritac West 2 Initiative

Nigeria has pledged $500,000 to the third phase of the AFritac West 2 initiative, which focuses on strengthening economic policy and capacity development across West Africa. The announcement was made during a ceremony held on the sidelines of the IMF-World Bank Spring Meeting in Washington, where senior officials from the IMF and the Central Bank of Nigeria were present.

The AFritac West 2 initiative, which includes countries such as Cabo Verde, Gambia, Ghana, Liberia, Nigeria, and Sierra Leone, aims to enhance technical assistance and build expertise in macroeconomic management and monetary policy. Catriona Purfield, Director of the IMF's Institute for Capacity Development, highlighted Nigeria's contribution as a strategic investment in human capital.

Montfort Mlachila, Deputy Director of the IMF African Department, emphasized the significance of Nigeria's commitment as a strong signal to development partners. Olayemi Cardoso, Governor of the Central Bank of Nigeria, welcomed the ongoing collaboration and reaffirmed Nigeria's commitment to deepening partnerships.