WORLD BANK HAILS TINUBU’S REFORMS, SAYS NIGERIA EMERGING AS GLOBAL BENCHMARK FOR CREDIBLE ECONOMIC LEADERSHIP

Nigeria has begun to earn global recognition for steady and credible reform leadership, as the World Bank says the country is now frequently cited internationally as a reference point for consistent economic reforms.
The Managing Director of Operations at the World Bank, Anna Bjerde, made this known on Tuesday during a high-level meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House, Abuja.
Bjerde commended Nigeria’s reform trajectory over the past two years, noting that the government’s resolve to stay the course despite early challenges has sent a strong signal of credibility to the global community.
According to her, the consistency of the reforms and the emerging positive outcomes have strengthened confidence among investors, policymakers and the private sector.
She disclosed that the forthcoming World Bank Country Partnership Framework for Nigeria is firmly anchored on the country’s own development priorities, particularly the ambition to grow the economy to a $1 trillion GDP and achieve a 7 per cent growth rate.
President Tinubu, in his response, reaffirmed his administration’s commitment to the ongoing economic reforms, stressing that although the journey has been difficult, there would be no reversal.
“There will be no turning back,” the President declared.
He acknowledged that the removal of fuel subsidy and the unification of the exchange rates initially fuelled inflationary pressures but noted that inflation has since eased significantly, while the naira has stabilised—developments he said are restoring investor confidence and improving the ease of doing business.
The President emphasised that his administration’s reforms are built on transparency, accountability and policy stability.
Highlighting agriculture as a major pillar of his economic agenda, Tinubu said the government has invested in zonal mechanisation centres, improved seed development and fertiliser availability, with support from the growing petrochemical industry, to raise productivity and move farmers from subsistence to cooperative-based commercial operations.
“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, particularly considering our young population and vast arable land,” he said.
“How do we employ mechanisation and make agriculture easier? I have embarked upon that. We have created zonal mechanisation centres to help the farmers.”
The President urged the World Bank to deepen its engagement with Nigeria by accelerating financing, reducing bureaucratic bottlenecks, sharing successful development models, managing risks and building local capacity to fast-track inclusive growth and shared prosperity.
In her remarks, Bjerde underscored the need to improve access to finance for small, medium and large enterprises, particularly mid-sized firms, which she described as critical drivers of job creation.
She also commended Nigeria’s emphasis on early childhood development, describing it as fundamental to long-term productivity, and assured the Bank’s continued support.
“Many countries around the world, even middle-income and upper-middle-income countries, are again experiencing rising levels of stunting. Here, early childhood development has been identified as a strong entry point,” she said.
Bjerde reaffirmed the World Bank Group’s commitment to a partnership aligned with Nigeria’s priorities, combining both public and private sector interventions through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).
Also present at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia.