By Our Reporter
The World Bank has described Nigeria as an increasingly cited global reference point for steady and credible reform leadership.
The 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. She was accompanied by senior officials of the World Bank Group.
Bjerde commended Nigeria’s reform trajectory over the past two years, noting the administration’s consistency and determination to sustain difficult but necessary economic changes despite initial challenges.
According to her, the government’s resolve and emerging positive outcomes have strengthened confidence among investors, policymakers, and the private sector.
She noted that the forthcoming Country Partnership Framework is firmly aligned with Nigeria’s development priorities, including the ambition to grow the economy to a $1 trillion GDP and achieve 7 per cent annual growth.
President Tinubu reaffirmed his administration’s commitment to the reform agenda, stressing that although the process has been demanding, there would be “no turning back.”
He acknowledged that the removal of fuel subsidy and the unification of exchange rates initially contributed to inflationary pressures but said inflation has moderated significantly, while the naira has stabilised—boosting investor confidence and improving the business climate.
The President stated that the reforms are anchored on transparency, accountability, and policy stability.
Highlighting agriculture as a core priority, President Tinubu said the government is investing in zonal mechanisation centres, improved seed development, and fertiliser availability, supported by the growing petrochemical industry, to increase productivity and transition farmers from subsistence farming into viable cooperatives.
“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, particularly by harnessing our young population and vast arable land,” the President said. “Mechanisation is key, and that is why we have established zonal mechanisation centres to support farmers.”
He urged the World Bank to deepen its partnership with Nigeria by accelerating financing, reducing bureaucratic bottlenecks, sharing development models, managing risks, and strengthening local capacity to drive inclusive growth.
In her remarks, Bjerde emphasised the need to expand access to finance for small, medium, and large enterprises, particularly mid-sized firms that generate significant employment.
She also praised Nigeria’s focus on early childhood development, describing it as critical to long-term productivity, and assured the Bank’s continued support.
“Many countries, including middle-income economies, are facing rising levels of stunting. Identifying early childhood development as a priority is a strong entry point,” she said, adding that the Bank looks forward to finalising a new Country Partnership Framework.
Bjerde reaffirmed the World Bank Group’s commitment—through the IDA, IBRD, and IFC—to supporting Nigeria’s reform agenda through coordinated public and private sector interventions.
Also present at the meeting were 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.