Nigeria has invested $500,000 in AFRITAC West 2 Phase III to boost policy capacity and macroeconomic management across West Africa.
Senior officials from the International Monetary Fund (IMF) and the Central Bank of Nigeria (CBN) signed the agreement on Friday during the IMF/World Bank Spring Meetings in Washington.
AFRITAC West 2 (AFW2) is an IMF-supported regional technical assistance centre based in Accra, Ghana, that strengthens economic institutions in six West African nations: Cabo Verde, the Gambia, Ghana, Liberia, Nigeria, and Sierra Leone.
As an IMF capacity-building initiative, it provides training and technical assistance to promote macroeconomic stability, enhance public finance, and improve financial sector oversight.
Catriona Purfield, Director of the IMF’s Institute for Capacity Development (ICD), praised Nigeria’s contribution as a strategic investment in human capital and policy expertise across participating countries.
Purfield added that Nigeria’s commitment demonstrates its dedication to developing skilled personnel and strengthening policy frameworks within the region.
She explained that the move also signals strong support to development partners and reinforces confidence in AFRITAC’s capacity-building programmes.
The IMF’s African Department Deputy Director, Montfort Mlachila, commended Nigeria’s contribution, describing it as a clear indication of the centre’s commitment to sustainability.
Mlachila stated that Nigeria’s support highlights its appreciation of the programme’s benefits and the role of development partners in advancing economic stability.
The CBN governor, Olayemi Cardoso, reaffirmed Nigeria’s commitment to sustaining the collaboration and expanding its impact.
He stated that the initiative stays focused on investing in people, strengthening institutions, and consolidating gains achieved through ongoing cooperation.
