Nigeria Supports Its Borrowers with $500,000 Contribution to IMF-WorldBank Technical Assistance Centre
Nigeria has formalised a $500,000 financial contribution to the third phase of AFRITAC West 2, reaffirming its commitment to regional capacity development and economic policy strengthening across West Africa.
The agreement was signed on Thursday on the sidelines of the IMF World Bank Spring Meetings in Washington, D.C. Senior officials from the International Monetary Fund and the Central Bank of Nigeria attended the ceremony, highlighting a partnership both sides described as impactful and results driven.
AFRITAC West 2 is an IMF managed regional technical assistance centre based in Ghana. Established in 2014, it supports six West African countries: Cabo Verde, The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone. The centre provides training and technical assistance in public financial management, revenue administration, financial supervision, and statistics.
The centre entered its third operational phase in August 2024, and Nigeria’s latest contribution continues its longstanding financial and institutional support.
Speaking at the event, Catriona Purfield, Director of the IMF Institute for Capacity Development, described Nigeria’s contribution as more than financial assistance.
“I want to thank Nigeria for its contribution to AFRITAC West. This not only reflects your strong commitment to the centre, but also demonstrates the value you place on investing in your people,” she said.
Purfield added that the support sends a positive signal to donor partners and beneficiary countries, showing Nigeria’s confidence in the programme’s value.
Montfort Mlachila, Deputy Director of the IMF African Department, also praised Nigeria’s commitment.
“On behalf of the African Department, I sincerely thank you for the half million dollar contribution to the centre. It reflects your genuine commitment to its success and your appreciation of the benefits it provides,” he said.
He further noted that Nigeria’s support acknowledges the role of development partners in sustaining the initiative.
CBN Governor Olayemi Cardoso welcomed the continued collaboration and reiterated Nigeria’s commitment to strengthening the partnership.
“We appreciate the opportunity to deepen this collaboration and the commitment shown by all parties, particularly during a busy Spring Meetings schedule,” Cardoso said.
“The progress so far has been encouraging, and we are pleased to build on a partnership that continues to deliver real value.”
He added that Nigeria’s support is primarily an investment in people and institutional capacity, expressing confidence in sustaining the gains already achieved.