The World Bank has publicly commended President Bola Tinubu’s economic reform agenda, noting that Nigeria has become a frequently cited global case study for implementing difficult policy changes and achieving tangible results. This endorsement came during a high-level meeting at the State House in Abuja on Tuesday, where the Bank’s Managing Director of Operations, Anna Bjerde, led a delegation to discuss ongoing collaboration.
Bjerde stated that Nigeria’s reform outcomes over the past two years have been “really commendable” and are a regular topic in her international discussions with global leaders, policymakers, and investors. She praised President Tinubu’s consistent communication on the necessity of reforms, highlighting that his steady leadership has built confidence despite implementation challenges. “Even when reform implementation is difficult, there is no turning back. You are staying the course,” she remarked, adding that private sector feedback confirms strong outcomes and improving investor sentiment.
The World Bank official outlined that the forthcoming Country Partnership Framework with Nigeria will be aligned with the government’s development vision of achieving a $1 trillion economy and sustained seven percent growth. She identified job creation as central to this partnership, citing Africa’s demographic pressures. Priority areas will include infrastructure investment, agriculture modernization, and enhancing finance access for small and medium enterprises. Bjerde noted Nigeria’s low infrastructure spending relative to GDP requires innovative public-private partnerships.
Financially, the World Bank’s active public sector portfolio in Nigeria stands at approximately $17 billion, with the International Finance Corporation (IFC) investing about $5 billion annually. A new reform-linked budget support operation is in preparation, alongside expanded risk guarantees designed to attract more private capital. “Your reforms and our budget support go hand in hand,” Bjerde said.
In response, President Tinubu reaffirmed that his administration’s reform path is irreversible. “Since we went into this turn of reform, we are never going to look back,” he stated, describing the process as having “its hands on the plough.” He acknowledged the initial pain of decisions like fuel subsidy removal and exchange rate unification but framed them as necessary for long-term stability, noting that high inflation has since come down dramatically. Tinubu spotlighted agriculture as a key pillar, mentioning mechanisation centres and openness to World Bank support on seeds and productivity. He urged the Bank to accelerate innovative financing, reduce bureaucratic hurdles, and deepen skills development, while assuring them of Nigeria’s commitment to transparency and sustained partnership.
The meeting underscores a strengthening alignment between Nigeria’s domestic economic strategy and the World Bank’s support framework, with both sides emphasizing the critical link between policy reform, private sector confidence, and job creation for a youthful population. The focus now shifts to operationalizing the new partnership framework and scaling up financing mechanisms to underpin Nigeria’s growth targets.
