World Bank hails Nigeria as global model for steady, credible economic reforms

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

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

Bjerde, who led a delegation of senior World Bank officials to the meeting, commended Nigeria’s reform trajectory 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 visible outcomes of the reforms and the administration’s consistency have positioned Nigeria as an example frequently referenced in global reform discussions.

She disclosed that the forthcoming Country Partnership Framework between Nigeria and the World Bank is firmly aligned with the country’s development priorities, including the target of achieving a $1 trillion Gross Domestic Product and a seven per cent growth rate.

President Tinubu reaffirmed his administration’s commitment to ongoing economic reforms, stressing that there would be no reversal despite the difficulties encountered at the early stages.

He explained that while the removal of fuel subsidy and the unification of exchange rates initially fuelled inflationary pressures, inflation has since eased and the naira stabilised, improving investor confidence and the ease of doing business.

The President stated that the reforms are anchored on transparency, accountability and policy stability, adding that agricultural transformation remains a core priority of his administration.

He highlighted investments in zonal mechanisation centres, improved seed development and fertiliser availability, supported by the petrochemical industry, to enhance productivity and move farmers into stronger cooperative structures.

“Nigeria is the heart of the continent, and we must do what’s necessary to strengthen the economy, particularly looking at the young population of this country and the vast area of arable lands,” the President said.

He called on the World Bank to deepen its partnership with Nigeria by fast-tracking financing options, reducing bureaucratic bottlenecks, sharing development models, managing risks and strengthening local capacity to accelerate inclusive growth.

In her remarks, Bjerde underscored the importance of expanding access to finance for small, medium and large enterprises, especially mid-sized firms, which she described as critical drivers of employment.

She also acknowledged Nigeria’s emphasis on early childhood development, describing it as essential for long-term productivity, and assured the Bank’s continued support.

Bjerde reaffirmed the World Bank Group’s commitment to aligning its programmes with Nigeria’s priorities through coordinated support from the International Development Association, the International Bank for Reconstruction and Development and the International Finance Corporation.

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.