Nigeria has reaffirmed its commitment to regional economic development with a fresh $500,000 contribution to an International Monetary Fund (IMF) capacity-building initiative in West Africa.
The signing ceremony, held on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC, on Thursday, brought together senior officials from the International Monetary Fund and the Central Bank of Nigeria (CBN), highlighting a partnership both sides say is delivering measurable impact. The funding supports the IMF’s AFRITAC West 2 (AFW2), a regional technical assistance centre based in Ghana. Established in 2014, the centre provides training and advisory services to six countries, Cabo Verde, The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone, aimed at strengthening public financial management, revenue systems, financial supervision, and economic statistics.
Nigeria’s latest contribution marks a continuation of its financial and institutional backing for the centre, which entered its third phase in August 2024. The move signals Abuja’s intent to deepen capacity development and policy effectiveness across the sub-region. Speaking at the event, Catriona Purfield, director at the IMF’s Institute for Capacity Development, described the contribution as more than financial support, framing it as an investment in human capital
She noted, “ Nigeria’s contribution reflects a strong investment in building people and strengthening policy capacity, underscoring its commitment to developing human capital.”
Also speaking, Montfort Mlachila, deputy director in the IMF’s African Department, said Nigeria’s support sends a strong signal to development partners and beneficiary countries about the programme’s value. “On behalf of the African Department, I would like to most sincerely thank you for the half-million contribution to the centre. We really appreciate it, it shows your genuine commitment,” he said.
For Nigeria, the partnership aligns with broader efforts to strengthen institutional capacity and economic governance. The Governor of the CBN, Olayemi Cardoso, reaffirmed the country’s commitment to sustaining the collaboration.
“The progress so far has been encouraging, and we are pleased to build on this partnership, which continues to deliver real value.” He added that Nigeria’s support is fundamentally about investing in people and building long-term institutional strength, noting that the country looks forward to sustaining the gains achieved through the programme.
Analysts say continued investment in capacity development initiatives like AFRITAC is critical for improving fiscal management, boosting revenue mobilisation, and strengthening financial systems across West Africa’s key pillars for sustainable economic growth.
