The World Bank has described Nigeria as an emerging global example of steady and credible reform leadership, citing the country’s consistency in implementing economic reforms despite prevailing challenges.
The World Bank Managing Director of Operations, Ms. Anna Bjerde, made the during a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House, Abuja.
Ms. Bjerde commended Nigeria’s reform progress over the past two years, noting that the government’s determination to stay the course has strengthened confidence among investors, policymakers, and the private sector.
According to her, the consistency of the reforms and the growing evidence of positive outcomes have positioned Nigeria as a reference point globally for credible economic leadership.
She also highlighted the forthcoming Country Partnership Framework, explaining that it is firmly aligned with Nigeria’s development priorities, particularly the administration’s target of achieving a $1 trillion Gross Domestic Product (GDP) and 7 per cent economic growth.
Ms. Bjerde emphasised the need to improve access to finance for small, medium, and large enterprises, particularly mid-sized firms, which she described as major drivers of employment.
She also acknowledged Nigeria’s focus on early childhood development, describing it as critical to long-term productivity, and assured the Bank’s continued support in the area.
Ms. Bjerde reaffirmed the World Bank Group’s commitment to a programme aligned with Nigeria’s priorities, combining public and private sector support through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC).
President Tinubu, in his remarks, reaffirmed his administration’s commitment to ongoing economic reforms, acknowledging that the process has been difficult but insisting that there would be no reversal.
“There will be no turning back,” the President said, stressing that the reforms are anchored on transparency, accountability, and policy stability.
He explained that while the removal of fuel subsidy and the unification of exchange rates initially contributed to inflationary pressures, inflation has since eased and the naira has stabilised, helping to restore investor confidence and improve the ease of doing business.
President Tinubu identified agricultural transformation as a key priority of his administration, noting that investments have been made in zonal mechanisation centres, improved seed development, and fertiliser availability, with support from the growing petrochemical industry.
He said these interventions are aimed at boosting agricultural productivity and transitioning farmers from subsistence farming into organised cooperatives.
“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, especially considering our young population and vast arable land,” the President said.
He called on the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucratic bottlenecks, sharing development models, managing risks, and strengthening local capacity to drive inclusive growth.
Also present at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Deputy Chief of Staff to the President, Mr. Ibrahim Hassan Hadejia.