Tinubu’s Reforms Becoming Global Reference Point — World Bank Official
The World Bank has commended the economic reforms undertaken by President Bola Tinubu’s administration, describing Nigeria as an increasingly important reference point in global discussions on reform implementation and outcomes.
This commendation was made by the World Bank’s Managing Director of Operations, Anna Bjerde, during a visit to the President at the State House in Abuja. Ms Bjerde led a delegation of senior officials to the meeting, where discussions focused on Nigeria’s reform trajectory, development priorities, and future cooperation with the multilateral institution.
According to Ms Bjerde, Nigeria’s reform efforts over the past two years have attracted significant attention among global leaders, policymakers, and investors. She said the scale and speed of changes implemented by the administration have made the country a frequent example in international policy discussions.
“Nigeria is a frequent example in my discussions around the world because the results achieved in two years are really commendable,” she said.
Ms Bjerde noted that despite the challenges associated with implementing major economic reforms, the Tinubu administration has remained consistent in articulating the necessity of its policy choices. She added that this consistency has helped build confidence among domestic and international stakeholders.
“Even when reform implementation is difficult, there is no turning back. You are staying the course,” she said.
The World Bank official also said feedback from Nigeria’s private sector pointed to improving investor sentiment, attributing this to reforms aimed at addressing long-standing structural distortions in the economy. She noted that stability, transparency, and predictability in policy direction were critical factors influencing investment decisions.
Speaking on the World Bank’s forthcoming Country Partnership Framework (CPF) for Nigeria, Ms Bjerde said the document would be aligned with the Federal Government’s development vision of building a $1 trillion economy and achieving annual economic growth of about seven per cent.
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She stated that job creation would be a central pillar of the partnership, particularly in light of Africa’s rapidly growing population and the urgent need to provide employment opportunities for young people. According to her, infrastructure investment, agricultural modernisation, and improved access to finance for small and medium-sized enterprises (SMEs) would be key focus areas.
Ms Bjerde observed that Nigeria’s infrastructure spending remains low relative to its gross domestic product (GDP), stressing the need for innovative public-private partnerships to close the funding gap. She also disclosed that the World Bank’s public sector portfolio in Nigeria currently stands at approximately $17 billion, while the International Finance Corporation (IFC) invests about $5 billion annually in the country.
She added that the bank is preparing a new reform-linked budget support operation and expanding risk guarantee instruments designed to attract private capital into critical sectors of the economy.
“Your reforms and our budget support go hand in hand,” she said.
In his response, President Tinubu reiterated that his administration’s reform agenda was irreversible, stating that the government had committed fully to the chosen policy direction. He said the reforms, though initially painful, were necessary to secure long-term economic stability and sustainable growth.
“Since we went into this turn of reform, we are never going to look back,” the President said.
Mr Tinubu identified agriculture as a key pillar of his administration’s economic strategy, highlighting ongoing efforts to establish mechanisation centres and improve productivity. He also expressed openness to World Bank support in areas such as seed development and agricultural inputs.
The President reaffirmed his commitment to transparency and accountability, describing the removal of fuel subsidies and the unification of the foreign exchange rate as difficult but necessary decisions. He acknowledged that these measures initially contributed to high inflation but said the situation had begun to stabilise.
“The first reaction was high inflation, but it has come down dramatically. Now that it is stable, we can help investors,” he said.
Mr Tinubu further urged the World Bank to accelerate innovative financing solutions, reduce bureaucratic bottlenecks, and deepen skills development initiatives. He assured the institution of Nigeria’s readiness for deeper engagement and sustained partnership in pursuit of its development goals.
The remarks have generated mixed reactions among Nigerians, with supporters viewing the World Bank’s comments as validation of the administration’s reform efforts, while critics question the social impact of the policies and Nigeria’s historical experience with externally influenced economic programmes.