Nigeria now global reference for steady, credible reform leadership – World Bank

Anna Bjerde, the World Bank Managing Director of Operations, on Tuesday said Nigeria is now frequently cited globally as an example of steady and credible reform leadership.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, said in a statement on Tuesday that Bjerde made the remark during a meeting with President Bola Tinubu and Vice President Kashim Shettima at the State House, Abuja. Other World Bank officials accompanied her to the meeting.

Bjerde commended Nigeria’s reform progress over the past two years, particularly the government’s consistent resolve to stay the course despite challenges.

According to the World Bank official, this consistency and the clear evidence of positive results have built strong confidence among investors, policymakers and the private sector.

She also highlighted the forthcoming Country Partnership Framework, noting that it is firmly anchored in Nigeria’s own development vision, particularly the goal of achieving a $1 trillion GDP and 7 per cent economic growth.

Bjerde underscored the importance of improving access to finance for small, medium and large enterprises, especially mid-sized firms, which she described as key drivers of employment.

She further acknowledged Nigeria’s focus on strengthening early childhood development as critical to long-term productivity, and assured the World Bank’s support in this area.

“Many countries around the world, even middle-income and upper-middle-income countries, are once again experiencing rising levels of stunting. Here, we have identified early childhood development as a strong entry point. All of this is to say that we are looking forward to a new Country Partnership Framework,” she said.

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

She reaffirmed the World Bank Group’s commitment to a programme aligned with Nigeria’s priorities, combining public and private sector support.

Bjerde added 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) – is ready to continue supporting Nigeria’s reform agenda.

In his response, President Bola Tinubu reaffirmed the government’s commitment to ongoing economic reforms, acknowledging that while the process has been challenging, “there will be no turning back”.

The President noted that although the removal of fuel subsidies and the unification of exchange rates initially triggered inflation, inflation has since eased and the naira has stabilised, improving investor confidence and the ease of doing business.

According to Tinubu, the reforms are anchored in transparency, accountability and policy stability.

He identified agricultural transformation as a key priority of his administration, noting that investments have been made through zonal mechanisation centres, improved seed development and fertiliser availability. These efforts, supported by the growing petrochemical industry, are aimed at boosting yields and moving farmers from small-scale operations into stronger cooperatives.

“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, particularly given the country’s young population and vast arable land.

“How do we employ mechanisation and make agriculture easier? I have embarked on that. We have created zonal mechanisation centres to help farmers,” he said.

He therefore called on the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucracy, sharing development models, managing risks and building local skills to fast-track inclusive growth and prosperity.