International body pledges support for Nigeria’s $1 trillion economy vision as inflation stabilizes.
ABUJA — The World Bank has officially applauded President Bola Tinubu for his bold economic reforms. Consequently, the institution now views Nigeria as a prime global example of successful reform implementation.
Anna Bjerde, the bank’s Managing Director of Operations, made this known on Tuesday. She led a high-level delegation to the State House in Abuja. Bjerde noted that Nigeria’s progress is now widely discussed among global leaders and investors.
She stated, “Nigeria is a frequent example in my discussions around the world because the results achieved in two years are really commendable.”
Global Recognition for Nigeria’s Bold Steps
Furthermore, the World Bank official praised Tinubu’s consistent leadership. According to her, his steady hand builds confidence despite obvious challenges. She emphasized that the private sector sees strong outcomes.
Bjerde added, “Even when reform implementation is difficult, there is no turning back. You are staying the course.”
Currently, the bank’s public sector portfolio in Nigeria sits at roughly $17 billion. Additionally, the International Finance Corporation (IFC) invests about $5 billion annually. Bjerde revealed that a new reform-linked budget support operation is underway.
She assured the President, “Your reforms and our budget support go hand in hand.”
Tinubu Vows to Sustain Reform Drive
President Tinubu responded with strong resolve during the meeting. He assured the visitors that the reforms remain irreversible. He stressed that the administration has “its hands on the plough.”
He declared, “Since we went into this turn of reform, we are never going to look back.”
Initially, these changes caused pain. However, the President insisted they were necessary for long-term stability. He specifically pointed to the removal of the fuel subsidy as a tough but vital decision.
Tinubu explained, “The first reaction was high inflation, but it has come down dramatically. Now that it is stable, we can help investors.”
Partnership for a $1 Trillion Economy
The World Bank is preparing a new Country Partnership Framework. Specifically, this plan supports Nigeria’s vision for a $1 trillion economy. It also targets seven per cent growth.
Bjerde highlighted job creation as a central pillar. This is crucial for Africa’s growing youth population. Moreover, she identified infrastructure and agriculture modernization as priority areas for investment.
Therefore, she called for innovative public-private partnerships. This is necessary because Nigeria’s infrastructure spending remains low relative to its GDP.
Focus on Agriculture and Infrastructure
President Tinubu identified agriculture as a major pillar for national growth. He cited the creation of new mechanisation centres. These will boost productivity and support farmers.
He asked, “How do we employ mechanisation and make agriculture easier? I have embarked upon that.”
Finally, he urged the bank to speed up innovative financing. He requested less bureaucracy and deeper skills development. The President assured the bank that Nigeria remains open to sustained partnership.
