The World Bank has described Nigeria as a growing global reference point for steady and credible reform leadership, citing the country’s consistency and resilience in implementing far-reaching economic changes.
In a statement Special Adviser to the President on Information and strategy Bayo Onanuga said the commendation was given by the World Bank’s Managing Director of Operations, Ms Anna Bjerde, during a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House, Abuja, on Tuesday. Other senior officials of the Bank were also in attendance.
Ms Bjerde praised Nigeria’s reform progress over the past two years, noting that the government has demonstrated strong resolve in staying the course despite initial challenges. According to her, this consistency, combined with emerging positive results, has strengthened confidence among investors, policymakers and the private sector.
She also highlighted the forthcoming Country Partnership Framework, saying it is firmly anchored in Nigeria’s development priorities, including the ambition to achieve a $1 trillion economy and sustain annual growth of about seven per cent.
President Tinubu reaffirmed his administration’s commitment to ongoing economic reforms, stressing that although the process has been demanding, there would be “no turning back.”
The President explained that while the removal of fuel subsidy and the unification of exchange rates initially fuelled inflationary pressures, inflation has since eased and the naira has stabilised, helping to restore investor confidence and improve the ease of doing business. He said the reforms are guided by transparency, accountability and policy stability.
President Tinubu identified agricultural transformation as a major priority of his administration, noting that investments are being made through zonal mechanisation centres, improved seed development and fertiliser availability, supported by the growing petrochemical industry. He said the objective is to boost productivity and transition farmers from subsistence practices into strong cooperatives.
“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, especially considering our young population and vast arable land,” the President said, adding that mechanisation remains central to making agriculture more efficient and attractive.
He urged the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucratic bottlenecks, sharing development models, managing risks and strengthening local capacity to drive inclusive growth.
In her remarks, Ms Bjerde underscored the importance of improving access to finance for small, medium and large enterprises, particularly mid-sized firms that play a critical role in job creation. She also commended Nigeria’s focus on early childhood development as vital to long-term productivity and assured continued World Bank support in the area.
She reaffirmed the World Bank Group’s commitment to aligning its support with Nigeria’s priorities, combining public and private sector interventions through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).
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.
The World Bank has described Nigeria as a growing global reference point for steady and credible reform leadership, citing the country’s consistency and resilience in implementing far-reaching economic changes.
The commendation was given by the World Bank’s Managing Director of Operations, Ms Anna Bjerde, during a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House, Abuja, on Tuesday. Other senior officials of the Bank were also in attendance.
Ms Bjerde praised Nigeria’s reform progress over the past two years, noting that the government has demonstrated strong resolve in staying the course despite initial challenges. According to her, this consistency, combined with emerging positive results, has strengthened confidence among investors, policymakers and the private sector.
She also highlighted the forthcoming Country Partnership Framework, saying it is firmly anchored in Nigeria’s development priorities, including the ambition to achieve a $1 trillion economy and sustain annual growth of about seven per cent.
President Tinubu reaffirmed his administration’s commitment to ongoing economic reforms, stressing that although the process has been demanding, there would be “no turning back.”
The President explained that while the removal of fuel subsidy and the unification of exchange rates initially fuelled inflationary pressures, inflation has since eased and the naira has stabilised, helping to restore investor confidence and improve the ease of doing business. He said the reforms are guided by transparency, accountability and policy stability.
President Tinubu identified agricultural transformation as a major priority of his administration, noting that investments are being made through zonal mechanisation centres, improved seed development and fertiliser availability, supported by the growing petrochemical industry. He said the objective is to boost productivity and transition farmers from subsistence practices into strong cooperatives.
“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, especially considering our young population and vast arable land,” the President said, adding that mechanisation remains central to making agriculture more efficient and attractive.
He urged the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucratic bottlenecks, sharing development models, managing risks and strengthening local capacity to drive inclusive growth.
In her remarks, Ms Bjerde underscored the importance of improving access to finance for small, medium and large enterprises, particularly mid-sized firms that play a critical role in job creation. She also commended Nigeria’s focus on early childhood development as vital to long-term productivity and assured continued World Bank support in the area.
She reaffirmed the World Bank Group’s commitment to aligning its support with Nigeria’s priorities, combining public and private sector interventions through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).
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.
