The World Bank has commended the reform drive of Nigerian President Bola Tinubu, describing Nigeria as a frequent global reference point for reform implementation and results.
The bank’s Managing Director of Operations, Ms Anna Bjerde, said on Tuesday while leading the bank’s delegation to the Nigerian President at the State House, Abuja.
Bjerde said that Nigeria’s reform outcomes over the last two years were commendable and widely discussed among global leaders, policymakers and investors.
“Nigeria is a frequent example in my discussions around the world because the results achieved in two years are really commendable,” she said.
Bjerde praised Tinubu’s consistency in communicating the necessity of reforms, noting that his steady leadership had built confidence despite implementation challenges.
“Even when reform implementation is difficult, there is no turning back. sou are staying the course,” She added,
Bjerde said that the feedback from Nigeria’s private sector confirmed strong reform outcomes and improving investor sentiment.
On the bank’s forthcoming Country Partnership Framework, she said it would be anchored on Nigeria’s development vision of a $1 trillion economy and 7 per cent growth.
She said that job creation would be central to the partnership, citing Africa’s growing population and the urgency of employment for young people.
Bjerde identified infrastructure investment, agriculture modernisation and improved access to finance for small and medium enterprises as priority areas.
She said that Nigeria’s low infrastructure spending relative to GDP required innovative public-private partnerships.
Bjerde disclosed that the World Bank’s public sector portfolio in Nigeria stood at about $17 billion, while the IFC invests about $5 billion annually.
She added that a new reform-linked budget support operation was being prepared, alongside expanded risk guarantees to attract the private capital.
Bjerde said, “Your reforms and our budget support go hand in hand.”
Earlier, Tinubu said that his administration’s reform agenda was irreversible, stressing that Nigeria had “its hands on the plough” and would not retreat.
He said, “Since we went into this turn of reform, we are never going to look back.”
The Nigerian leader said that although the reforms were painful initially, there were necessary to secure long-term stability and growth.
Tinubu identified agriculture as a key pillar, citing mechanisation centres and openness to World Bank support on seeds and productivity.
He reaffirmed his commitment to transparency and accountability, describing fuel subsidy removal and exchange rate unification as difficult, but necessary decisions.
“The first reaction was high inflation, but it has come down dramatically. Now that it is stable, we can help investors,” Tinubu added.
He urged the bank to accelerate innovative financing, reduce bureaucracy and deepen skills development.
GIK/APA