There is no conspiracy to keep Nigeria down – World Bank

Alex Sienaert, lead economist for World Bank in Nigeria, says the institution has no intention to keep the country or its people down.

He said this at the World Bank Nigeria development update themed ‘Staying the course: Progress amid pressing challenges’ held today in Abuja.

“I’m in this position of having been the lead economist at the World Bank here in Nigeria on economic policy issues for two years now, and I just want to tell you that I’ve not seen any conspiracy within the World Bank or otherwise to keep Nigeria down,” Sienaert said.

The lead economist made the clarification in response to the uproar among Nigerians after Indermit Gill, senior vice president of the World Bank, recently stated that Nigeria must maintain its ongoing economic reforms for the next 10 to 15 years to establish itself as a leading economic powerhouse, not only in sub-Saharan Africa but also on the global stage.

“The World Bank is here to help, I’m here to help. Our whole team is here to help. We’re here to provide advice and low cost financing in support of Nigeria getting its own house in order for its own sake,” Sienart said addressing the issue.

Sienaert said the World Bank at its core is an international development cooperative of the world’s governments.

He explained that the World Bank’s perspective on reform is informed by its understanding that Nigeria was on the brink of a full blown fiscal crisis last year.

The economist said the President Bola Tinubu’s signature reforms, though painful, could give the chance for Nigeria to overcome its challenges.

“If that chance crystallises, it will transform Nigeria and Africa,” he said.

“We got where we are now that major policy reforms are starting to yield positive results, as mentioned, if we take a look at GDP, so the aggregate output of the economy has actually been pretty resilient,” Sienart said.

He said that the fiscal side really needs to start pushing inflation down and avoiding the return to ways and means advances.