‎W/Bank Hails Nigeria as Global Model for Credible Economic Reforms
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‎The World Bank has described Nigeria as a growing global reference point for steady and credible economic reform leadership, citing the country’s consistency and resilience in implementing difficult but necessary policy changes.
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‎The World Bank’s Managing Director of Operations, 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.
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‎Bjerde commended Nigeria’s reform trajectory over the past two years, noting that the government’s determination to stay the course despite economic headwinds has begun to yield measurable results.
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‎According to her, the consistency of reforms and emerging positive outcomes have strengthened confidence among investors, policymakers and the private sector, positioning Nigeria as an example frequently referenced in global economic discussions.
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‎She disclosed that the forthcoming World Bank Country Partnership Framework (CPF) for Nigeria would be firmly anchored on the country’s own development priorities, particularly its ambition to achieve a $1 trillion Gross Domestic Product (GDP) and sustain annual economic growth of about seven per cent.
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‎President Tinubu, in his remarks, reaffirmed his administration’s commitment to the ongoing economic reforms, stressing that despite initial difficulties, there would be no reversal.
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‎“There will be no turning back,” the President said, acknowledging that the removal of fuel subsidy and the unification of exchange rates initially fuelled inflationary pressures.
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‎He, however, noted that inflation has since eased significantly, while the naira has stabilised, developments he said are already improving investor confidence and the ease of doing business in the country.
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‎President Tinubu emphasised that the reforms are anchored on transparency, accountability and policy stability, describing them as essential foundations for long-term economic growth.
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‎He identified agricultural transformation as a key priority of his administration, highlighting investments in zonal mechanisation centres, improved seed development and fertiliser availability. According to him, these efforts, supported by the expanding petrochemical industry, are aimed at boosting productivity and transitioning farmers from subsistence practices to strong cooperative-based agribusinesses.
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‎“Nigeria is the heart of the continent, and we must do what’s necessary to strengthen the economy, particularly when you consider the young population and the vast arable land,” the President said.
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‎He called on the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucratic bottlenecks, sharing proven development models, managing risks and building local capacity to fast-track inclusive growth and shared prosperity.
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‎In her response, Bjerde underscored the need to expand access to finance for small, medium and large enterprises, particularly mid-sized firms, which she described as critical drivers of job creation.
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‎She also praised Nigeria’s focus on early childhood development, describing it as a strategic investment in long-term productivity, especially at a time when many countries, including middle-income economies, are grappling with rising levels of child stunting.
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‎Bjerde assured Nigeria of the World Bank Group’s continued support through a programme aligned with national priorities, combining public and private sector interventions.
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‎She reaffirmed that the World Bank Group, through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC)—remains ready to support Nigeria’s reform agenda.
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‎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.