President Bola Tinubu has urged the World Bank to bolster its support for Nigeria’s ongoing economic reforms, specifically targeting agriculture, youth employment, and private sector growth. The appeal was made during a meeting with a World Bank delegation led by Managing Director of Operations, Anna Bjerde, at the State House in Abuja on Tuesday.
Tinubu emphasized that despite initial pain points, such as high inflation, the reform agenda is irreversible and has already yielded stability in the naira and reduced inflation. He highlighted that mechanization and modernization of agriculture are central to the strategy, aiming to transition smallholder farmers into large cooperatives to boost productivity and create opportunities for Nigeria’s burgeoning youth population. The president also noted efforts to develop the petrochemical sector and domestic industries to strengthen local markets and reduce bureaucratic hurdles for investors.
In response, Bjerde commended the administration for its steady, two-year reform trajectory, describing Nigeria as a global example of consistent policy implementation that has bolstered investor confidence. She stressed that job creation, particularly for young Africans, is critical, pointing to small and medium enterprises (SMEs) and agriculture as primary engines for employment. Bjerde affirmed the World Bank’s commitment, citing existing financial instruments including $17 billion in public sector financing, $5 billion in private sector support through the International Finance Corporation (IFC), and over $500 million in investment guarantees. These funds align with Nigeria’s priorities in trade, digital initiatives, inflation management, and early childhood development.
The meeting underscores Nigeria’s active pursuit of international financial backing to deepen reforms focused on food security, youth jobs, and broad-based economic growth, positioning the country’s policy shift as a sustained effort rather than a temporary measure.
