Nigeria - Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing and Accelerating Revenue Mobilizing Reforms (ARMOR) Program for Results - Chair Summary

Jul 19, 2026

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Executive Directors approved Nigeria’s RESET Development Policy Financing (US$1.5 billion) and ARMOR Program for Results (US$750 million), supporting two DPF pillars and three ARMOR result areas. The chair summary highlights reforms to phase out regressive fuel subsidies, unify foreign exchange rates, tighten monetary policy, raise non-oil revenue, end deficit monetization, and protect low-income households through shock-responsive safety nets. It also addresses continued macroeconomic and institutional risks, governance and anti-corruption priorities, and the need to expand protections while coordinating with IMF technical assistance on debt management and domestic resource mobilization.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages1

Reading Time3 min

Chair Summary

Approved financing and program scope

Supported reform pillars and result areas

Ongoing risks and governance priorities

Coordination with development partners and technical assistance

Public Disclosure Authorized Public Disclosure Authorized The Republic of Nigeria Reforms For Economic Stabilization to Enable Transformation (RESET) Development Policy Financing and Accelerating Revenue Mobilizing Reforms (ARMOR) Program for Results Chair Summary* June 13, 2024 Executive Directors approved the Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Loan (DPF) in the amount of US$ 1.5 billion and the Accelerating Resource Mobilization Reforms (ARMOR) Program for Results (PforR) loan in the amount of US$ 750 million on the terms and conditions set out in the Memoranda of the President. Directors expressed broad support for the two pillars of the DPF operation, and the three result areas of the ARMOR PforR. They welcomed the Bank’s assistance to the country’s home-grown reforms that include measures to ensure an adequate macroeconomic and fiscal environment necessary for sustained and inclusive economic growth. Directors commended Nigeria for the progress on the development objectives ofthe DPF, namely the bold reforms to phase out the costly and regressive gasoline subsidy, unify multiple foreign exchange rates, tighten monetary policy, increase non-oil revenues, end deficit monetization, and support low-income households through shock-responsive safety net systems. Directors also welcomed plans for further reforms to increase domestic revenues, such as a planned VAT regime reform and measures to strengthen tax and customs administration, including through digitalization. Directors noted that Nigeria is still facing considerable macroeconomic risks, and risks related to institutional capacity and deterioration in the global environment. They emphasized the importance of continuing with the reform program to mitigate these risks, promote progress on governance and anti-corruption, and avoid reform reversals. Additionally, they stressed the need to scale up and expand protection for the poor and economically at risk to cushion the effects of cost-of-living pressures on citizens and create a conducive environment for job creation. Directors appreciated the close coordination with Nigeria’s development partners, notably the IMF, in delivering complementary capacity development programs. They inquired about the implication of external debt servicing and short-term loan repayment on widening the country’s fiscal deficit. They welcomed the steps taken by both the World Bank and the IMF to jointly deliver technical assistance on debt management and domestic resource mobilization. *This Summary is not an approved record.

FAQs

What financing did the Executive Directors approve for Nigeria?

They approved the RESET Development Policy Financing loan of US$1.5 billion and the ARMOR Program for Results loan of US$750 million, under terms in the President’s Memoranda.

Which major reforms are highlighted under the RESET and ARMOR operations?

The summary covers phasing out costly gasoline subsidies, unifying multiple foreign exchange rates, tightening monetary policy, increasing non-oil revenues, ending deficit monetization, and supporting low-income households via shock-responsive safety nets, alongside plans to reform VAT and strengthen tax and customs through digitalization.

How do the directors address risks and the protection of vulnerable groups?

They emphasize continuing the reform program to mitigate macroeconomic and institutional risks, promote governance and anti-corruption, avoid reversals, and scale up protection for the poor to cushion cost-of-living pressures and support job creation.

Jul 19, 2026

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