WORLD BANK HAILS NIGERIA AS GLOBAL MODEL FOR CREDIBLE, STEADY REFORMS

The World Bank has described Nigeria as a growing global reference point for steady and credible reform leadership, citing the country’s consistency and resilience in pursuing economic reforms despite short-term challenges.

The commendation was made on Tuesday by the World Bank’s Managing Director of Operations, Anna Bjerde, during a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House in Abuja.

Bjerde, who led a delegation of senior World Bank officials, praised the Tinubu administration for maintaining a clear reform trajectory over the past two years, noting that the government’s determination to stay the course has begun to yield tangible results.

According to her, the consistency of Nigeria’s reform agenda and emerging positive outcomes have strengthened confidence among investors, policymakers, and the private sector both locally and internationally.

She further disclosed that the World Bank’s forthcoming Country Partnership Framework (CPF) for Nigeria is firmly aligned with the country’s development priorities, particularly its ambition to achieve a $1 trillion Gross Domestic Product (GDP) and sustain 7 per cent economic growth.

President Tinubu, in his remarks, reaffirmed his administration’s commitment to the reform programme, stressing that while the process has been difficult, it remains irreversible.“

There will be no turning back,” the President declared.

He acknowledged that the removal of fuel subsidy and the unification of exchange rates initially triggered inflationary pressures but said inflation has since moderated, the naira has stabilised, and investor confidence has improved.

Tinubu explained that the reforms are anchored on transparency, accountability, and policy stability, aimed at restoring macroeconomic balance and improving the ease of doing business.

Highlighting agriculture as a major pillar of his administration’s economic strategy, the President said significant investments have been made through the establishment of zonal mechanisation centres, improved seed development, and enhanced fertiliser availability.

He added that the growing petrochemical industry is also supporting increased agricultural productivity.“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,” Tinubu said.

“We are deploying mechanisation to make agriculture easier and more productive. That is why we created zonal mechanisation centres to support farmers.”

The President urged the World Bank to deepen its partnership with Nigeria by fast-tracking financing options, reducing bureaucratic bottlenecks, sharing proven development models, managing risks, and strengthening local capacity to drive inclusive growth.

In her response, Bjerde underscored the need to improve access to finance for small, medium, and large enterprises, particularly mid-sized firms, which she described as critical engines of employment and economic expansion.

She also commended Nigeria’s focus on early childhood development, describing it as vital to long-term productivity, and assured continued World Bank support in that area.

“Many countries, including middle- and upper-middle-income economies, are experiencing rising levels of stunting again,” she noted.“

Early childhood development is a strong entry point, and we are looking forward to a new country partnership framework built around these priorities.”

Bjerde reaffirmed the World Bank Group’s commitment to supporting Nigeria’s reform agenda through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC)—combining public and private sector financing.

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.