Nigeria commits $500,000 to regional capacity devt initiative

Nigeria has formalised a $500,000 contribution to the third phase of AFRITAC West 2, reinforcing its commitment to regional capacity development and policy strengthening across West Africa.

AFRITAC West 2, or AFW2, is a regional technical assistance centre set up by the International Monetary Fund to support countries in West Africa with economic policy and institutional capacity building.

The signing ceremony of the fresh contribution from Nigeria, held on the sidelines of the IMF/World Bank Spring Meetings in Washington, brought together senior officials from the International Monetary Fund and the Central Bank of Nigeria, underscoring a partnership that both sides say is delivering tangible results.

AFRITAC West 2, which includes Cabo Verde, The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone, entered its Phase III in August 2024. Nigeria’s latest contribution marks a continuation of its financial and institutional support for the centre, which focuses on building expertise in macroeconomic management, monetary policy, and financial supervision.

Speaking at the event, Director of the IMF’s Institute for Capacity Development, Catriona Purfield, described the contribution as more than financial support, framing it instead as a strategic investment in human capital.

“I want to thank you for Nigeria’s contribution to the AFRITAC West. 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, and I’m not using contribution, I say investment, because it is an investment in developing the capacity of our people in policy. And I think it does that.

“The second is that it really signals to those who also met us, who need these centres, our donor partners, that you are so committed to it. It is so important that they see that. So, thank you for that.”

Also speaking, IMF African Department Deputy Director, Montfort Mlachila, said Nigeria’s contribution sends a strong signal to both development partners and beneficiary countries about the value of the programme.

“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 and 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 appreciate also the support that our development partners give us as well.

“And I was very impressed yesterday by your contributions, because you spoke from your heart on what you have benefited directly and what it means for you. And so for all this, sincerely, we appreciate.”

Governor of the Central Bank of Nigeria, Olayemi Cardoso, welcomed the continued collaboration and reaffirmed Nigeria’s commitment to deepening the partnership.

He said, “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.”

Okechukwu Nnodim is the Business Editor at Punch Newspapers with over 16 years of journalism experience. He covers energy, including oil, gas, and power, as well as transportation, aviation, money and capital markets, environment, works and housing, agriculture, ICT, humanitarian affairs, water resources, trade, investment, and industries. Okechukwu’s reporting reflects extensive newsroom expertise, editorial judgment, and a strong commitment to accurate and comprehensive journalism.