February 04, (THEWILL) — President Bola Ahmed Tinubu has told a high-level World Bank delegation that Nigeria’s economic reforms are irreversible and necessary for long-term growth and stability, underscoring the government’s resolve to stay the course despite initial difficulties and public pressure.
President Tinubu made the remarks during a meeting at the State House with the World Bank’s Managing Director of Operations, Anna Bjerde, alongside Vice President Kashim Shettima and Finance Minister Wale Edun. He described the reform agenda as a strategic turn for the Nigerian economy that the government will not reverse.
“Since we have gone into this tunnel of reform, we have our hands on the power and we’re never going to look back,” Tinubu said, acknowledging that reforms like fuel subsidy removal and exchange-rate unification were painful but necessary.
World Bank officials responded positively, framing Nigeria’s reform efforts as a regional and global reference point.
Bjerde noted that Nigeria’s journey has been a frequent example in discussions with global policymakers and investors, and highlighted the confidence built through steady communication of reform goals.
She elaborated that the Bank’s support framework includes significant financing plans aligned with Nigeria’s development goals including public sector financing, private sector mobilisation via IFC, and risk mitigation through MIGA to support growth, job creation, infrastructure, and agriculture.
Focus on Agriculture and Industrial Linkages
Tinubu emphasised the importance of agriculture mechanisation and value-chain development as central pillars of the reform strategy.
He invited deeper World Bank engagement to help scale up agricultural productivity, boost local markets, and transition smallholder farmers into larger cooperative structures.
The president’s message and the Bank’s endorsement serve as positive signals to investors, particularly in sectors like agriculture, petrochemicals, infrastructure, and SMEs areas, which the Bank’s Country Partnership Framework intends to prioritise.
Bjerde also reiterated the potential for expanded support to improve access to finance and stimulate private-sector-led growth.
These developments are likely to be interpreted as a commitment to macroeconomic stability, a key factor for improving investor confidence, foreign direct investment (FDI) inflows, and access to international development capital.
The World Bank’s continued backing, paired with Nigeria’s strategic reform messaging, could help unlock additional financing and partnerships that support Nigeria’s aspiration for a $1 trillion economy and sustainable growth. built through steady communication of reform goals.
She elaborated that the Bank’s support framework includes significant financing plans aligned with Nigeria’s development goals including public sector financing, private sector mobilisation via IFC, and risk mitigation through MIGA — to support growth, job creation, infrastructure, and agriculture.
Tinubu emphasised the importance of agriculture mechanisation and value-chain development as central pillars of the reform strategy.
He invited deeper World Bank engagement to help scale up agricultural productivity, boost local markets, and transition smallholder farmers into larger cooperative structures.
The president’s message and the Bank’s endorsement serve as positive signals to investors, particularly in sectors like agriculture, petrochemicals, infrastructure, and SMEs areas, which the Bank’s Country Partnership Framework intends to prioritise.
Bjerde also reiterated the potential for expanded support to improve access to finance and stimulate private-sector-led growth.
These developments are likely to be interpreted as a commitment to macroeconomic stability, a key factor for improving investor confidence, foreign direct investment (FDI) inflows, and access to international development capital.
The World Bank’s continued backing, paired with Nigeria’s strategic reform messaging, could help unlock additional financing and partnerships that support Nigeria’s aspiration for a $1 trillion economy and sustainable growth.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
