World Bank hails Nigeria as global model for 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 difficult but necessary economic changes.

The Managing Director of Operations at the World Bank, Ms. 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. She led a delegation of senior World Bank officials to the meeting.

Bjerde commended Nigeria’s reform trajectory over the past two years, noting that the government has demonstrated strong resolve by staying the course despite short-term challenges. According to her, this consistency, combined with emerging positive results, has strengthened confidence among investors, policymakers and the private sector.

She said Nigeria is now frequently cited internationally as an example of credible and sustained reform leadership, adding that the World Bank’s forthcoming Country Partnership Framework (CPF) will be firmly aligned with Nigeria’s own development priorities, including the ambition to achieve a $1 trillion economy and annual growth of 7 per cent.

President Tinubu reaffirmed his administration’s commitment to ongoing economic reforms, stressing that there would be “no turning back” despite the initial difficulties associated with policy adjustments.

The President acknowledged that the removal of fuel subsidy and the unification of foreign exchange rates initially contributed to inflationary pressures, but noted that inflation has since eased and the naira has stabilised, leading to improved investor confidence and a better business environment.

He emphasised that the reforms are anchored on transparency, accountability and policy stability.

President Tinubu also highlighted agriculture as a major priority of his administration, outlining steps taken to transform the sector through the establishment of zonal mechanisation centres, improved seed development, enhanced fertiliser availability and support from the expanding petrochemical industry. He said the goal is to boost productivity and transition farmers from subsistence practices to strong, cooperative-based operations.

“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, particularly given our young population and vast arable land,” the President said. “We are deploying mechanisation to make agriculture easier and more productive for farmers.”

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

In her response, Bjerde underscored the importance of expanding access to finance for small, medium and large enterprises, especially mid-sized firms that play a critical role in job creation. She also commended Nigeria’s focus on early childhood development, describing it as vital to long-term productivity, and assured the Bank’s continued support.

She reaffirmed the World Bank Group’s commitment to Nigeria through a coordinated programme involving the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC), combining public and private sector support in line with Nigeria’s reform agenda.

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, were also present at the meeting.