The World Bank has described Nigeria as a global example of steady and credible reform leadership, citing the country’s consistency in implementing economic changes despite ongoing challenges.
The Bank’s Managing Director of Operations, Anna Bjerde, remarked during a meeting on Tuesday with President Bola Tinubu and Vice President Kashim Shettima at the State House in Abuja.
Commending Nigeria’s reform progress over the past two years, she noted that the government’s determination to stay the course has helped build confidence among investors, policymakers, and the private sector.
She said the clear signs of positive results from the reforms have strengthened trust in Nigeria’s economic direction.
Hinting at the upcoming Country Partnership Framework, Bjerde noted that it is closely aligned with Nigeria’s development priorities, including the target of achieving a $1 trillion gross domestic product and annual growth of seven per cent.
She stressed the need to improve access to finance for small, medium, and large enterprises, with particular focus on mid-sized firms, which she described as critical drivers of employment.
She also acknowledged Nigeria’s emphasis on early childhood development, describing it as vital to long-term productivity, and assured the country of the Bank’s continued support in the area.
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“Many countries around the world, even middle-income and upper-middle-income countries, are suffering again with rising levels of stunting. And here, we’ve identified early childhood development as a strong entry point. So, all of this, to say we’re looking forward to a new country partnership framework,” Bjerde said.
She reaffirmed the World Bank Group’s commitment to supporting Nigeria through programmes aligned with the country’s priorities, combining both public and private sector interventions.
She added that the Group, through the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC), remains ready to back Nigeria’s reform agenda.
In his response, President Tinubu reaffirmed his administration’s commitment to the economic reforms, admitting that the process has been difficult but insisting that “there will be no turning back.”
He noted that although the removal of fuel subsidies and the unification of exchange rates initially fuelled inflation, inflation has eased and the naira has stabilised, helping to restore investor confidence and improve the ease of doing business.
He maintained that the reforms are anchored on transparency, accountability, and stable policies.
“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, looking at the vast area of arable lands.
“How do we employ mechanisation and make agriculture easier? I have embarked upon that. We have created zonal mechanisation centres to help the farmers,” Tinubu said.
He urged the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucracy, sharing development models, managing risks, and building local skills to support inclusive growth.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
