Washington || Nigeria has formalised a $500,000 contribution to the third phase of the African Regional Technical Assistance Centre West 2 (AFRITAC West 2), reinforcing its role as a key supporter of regional capacity development and policy strengthening across West Africa.
- +Nigeria steps up as regional anchor for policy capacity development
- +… Formalises $500,000 to AFRITAC West 2
The signing ceremony, held on the sidelines of the IMF/World Bank Spring Meetings in Washington, brought together senior officials of the International Monetary Fund (IMF) and the Central Bank of Nigeria (CBN), underscoring what both sides described as a deepening partnership delivering measurable results in economic governance and policy support.
… Formalises $500,000 to AFRITAC West 2
The signing ceremony, held on the sidelines of the IMF/World Bank Spring Meetings in Washington, brought together senior officials of the International Monetary Fund (IMF) and the Central Bank of Nigeria (CBN), underscoring what both sides described as a deepening partnership delivering measurable results in economic governance and policy support.
AFRITAC West 2, which comprises Cabo Verde, The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone, entered its third phase in August 2024. Nigeria’s latest contribution continues its financial and institutional support for the centre, which focuses on building expertise in macroeconomic management, monetary policy, and financial supervision across member countries.
Catriona Purfield, director of the IMF Institute for Capacity Development, said Nigeria’s contribution goes beyond financial commitment, describing it as a strategic investment in human capital and policy capacity across the region.
“I want to thank you for Nigeria’s contribution to AFRITAC West 2. Not only does this signal your deep commitment to the centre itself, but it also sends two other very important signals. One is the value that you place in investing in your people… it is investment in developing the capacity of our people in policy,” Purfield said.
She added that Nigeria’s support also sends a strong message to development partners about sustained commitment to the programme, noting that such signals are important for donor confidence and continuity.
Montfort Mlachila, IMF African Department deputy director, also commended Nigeria’s contribution, saying it reflects both appreciation of the programme’s impact and support for development partners.
“We really appreciate the half million contribution to the centre. It shows your genuine commitment to the well-being of the centre, but also that you appreciate what you get from it, and more importantly, that you also appreciate the support that our development partners give us as well,” Mlachila said.
He added that Nigeria’s engagement reflects the value it places on capacity development, noting that the country has directly benefited from the programme and continues to demonstrate strong ownership of its objectives.
Olayemi Cardoso, governor of the Central Bank, said the collaboration remains an important platform for strengthening policy capacity and sustaining reforms across the region.
“We appreciate the opportunity to strengthen this collaboration and the commitment shown by all parties, particularly at a time as busy as the Spring Meetings. The progress so far has been encouraging, and we are pleased to build on this partnership, which continues to deliver real value. For us, this remains about investing in people and deepening capacity, and we look forward to sustaining the gains achieved,” Cardoso said.
Nigeria’s latest contribution comes as West African economies continue to focus on strengthening macroeconomic stability, improving financial supervision, and building institutional capacity to support long-term growth and resilience.
