Tinubu tells World Bank Nigeria will not reverse course on economic reforms

President Bola Tinubu has said Nigeria’s reform programme is irreversible, insisting that his administration will not retreat from economic changes despite early difficulties.

Tinubu made the remarks on Tuesday in Abuja while receiving a World Bank delegation at the State House, alongside Vice-President Kashim Shettima. The delegation was led by Anna Bjerde, managing director of operations at the global lender.

“Since we have gone into this tunnel of reform, we have our hands on the plough, and we are never going to look back,” the president said, acknowledging that the reforms were initially painful but necessary.

“It was difficult at the beginning, but those who succeed are not the ones who give up in difficult times,” he added.

Tinubu outlined agriculture as a key priority, pointing to Nigeria’s vast arable land and youthful population. He said the government was pushing agricultural mechanisation through dedicated centres that would support farmers with equipment and seeds to improve productivity.

He told the delegation that the reforms were already yielding results, citing easing inflationary pressures and improved stability in the naira. He urged the World Bank to deepen its engagement with Nigeria by accelerating growth through innovative financing arrangements.

“In your partnership with us, accelerating that growth is very important to me,” Tinubu said.

World Bank praises reform consistency

Responding, Bjerde said Nigeria had become a frequent global reference point in discussions on reform implementation and outcomes.

“Nigeria comes up often in conversations with presidents, policymakers and investors around the world,” she said. “In the past two years, the results achieved are really commendable.”

She described Nigeria’s reform trajectory as steady and praised the administration for maintaining momentum despite the political and social pressures that often accompany such measures.

“Even when reform implementation is difficult, there is no turning back. You are staying the course to get the results you are aiming for,” she said.

Bjerde outlined the World Bank’s jobs-focused engagement with Nigeria, aligned with Tinubu’s ambition to grow the economy to $1 trillion. She said the plan targets infrastructure, agriculture, small and medium-sized enterprises, and human capital development.

She added that the bank is providing about $17 billion in public-sector support, alongside $5 billion annually through the International Finance Corporation (IFC), as well as guarantees aimed at boosting private investment and job creation.

Bjerde described Nigeria as one of Africa’s key countries to watch, commending the government’s openness to partnership, its digital initiatives and the growing role of the private sector in driving economic expansion.