World Bank Hails Nigeria as a “Global Reference Point” for Reforms

The World Bank has commended Nigeria, labelling it an emerging international model for steadfast and credible reform leadership. This recognition followed a meeting in Abuja between the bank’s Managing Director of Operations, Anna Bjerde, and President Bola Ahmed Tinubu.

Bjerde stated that Nigeria’s consistent implementation of economic reforms over the last two years, despite financial challenges, has significantly strengthened investor confidence and trust among global policymakers and the private sector. She noted that the World Bank’s upcoming Country Partnership Framework will support Nigeria’s key priorities, including its goal of reaching a $1 trillion economy and achieving a 7% annual growth rate.

President Tinubu affirmed his administration’s unwavering commitment to its reform agenda, stating there will be no rollback. He acknowledged that difficult decisions like removing fuel subsidies and unifying exchange rates initially drove inflation but highlighted that recent data indicates easing inflationary pressures and a stabilising Naira, which are improving both investor confidence and the overall business climate.

The President identified agriculture as a top priority, citing ongoing investments in mechanisation hubs, seed development, fertiliser access, and support for farmer cooperatives to drive productivity. He urged the World Bank to enhance its assistance by providing faster financing, cutting bureaucratic delays, and bolstering technical capacity-building efforts.

Bjerde underscored the critical need to improve access to finance for small and medium-sized enterprises, which are vital for job creation. She also praised Nigeria’s focus on early childhood development as a foundational element for long-term economic productivity. She reaffirmed the World Bank Group’s dedication to supporting Nigeria through its various development and financial institutions.

The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia.