World Bank Hails Nigeria as Global Reference for Credible Reform Leadership
The World Bank has described Nigeria as a global reference point for steady and credible reform leadership, citing the country’s consistency and resolve in implementing difficult economic reforms.
Anna Bjerde, the World Bank’s Managing Director of Operations, made the remark on Tuesday during a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House, Abuja.
Bjerde said Nigeria is now frequently cited internationally as an example of reform leadership that has remained firm despite economic and political challenges. She noted that the government’s consistency over the past two years, coupled with emerging positive results, has strengthened confidence among investors, policymakers and the private sector.
According to a statement by Presidential Spokesman, Bayo Onanuga, Bjerde commended the Tinubu administration for staying the course on reforms, adding that this has enhanced Nigeria’s credibility on the global stage.
She highlighted the forthcoming Country Partnership Framework (CPF), explaining that it is firmly anchored in Nigeria’s own development priorities, particularly the ambition to achieve a $1 trillion economy and sustain annual growth of about seven per cent.
President Tinubu reaffirmed his administration’s commitment to the reform agenda, acknowledging that the process has been challenging but insisting there would be “no turning back.”
The President said while the removal of fuel subsidy and the unification of exchange rates initially fuelled inflationary pressures, inflation has since moderated and the naira has stabilised, improving investor confidence and the ease of doing business.
He stressed that the reforms are anchored on transparency, accountability and policy stability.
Tinubu also identified agricultural transformation as a major priority of his administration, noting that significant investments are being made through zonal mechanisation centres, improved seed development, fertiliser availability and support from the growing petrochemical industry to boost productivity.
He explained that the goal is to move farmers from subsistence-level production into strong cooperatives capable of driving large-scale output.
“Nigeria is the heart of the continent, and we must do what is necessary to strengthen the economy, particularly considering our young population and vast arable land,” the President said.
“How do we deploy mechanisation and make agriculture easier? That is what we have embarked upon. We have created zonal mechanisation centres to support farmers.”
President Tinubu urged the World Bank to deepen its partnership with Nigeria by accelerating financing options, reducing bureaucratic bottlenecks, sharing successful development models, managing risks and strengthening local capacity to fast-track inclusive growth and prosperity.
In her remarks, 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 also praised Nigeria’s focus on early childhood development, noting that rising levels of stunting remain a global challenge, even in middle- and upper-middle-income countries.
“Early childhood development is a strong entry point for long-term productivity, and we are pleased to support Nigeria in this area as part of the new Country Partnership Framework,” she said.
Bjerde reaffirmed the World Bank Group’s commitment to supporting Nigeria’s reform agenda through its institutions — the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).
The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia.
