Nigeria is increasingly being cited around the world as a reference point for steady and credible reform leadership, the World Bank’s Managing Director of Operations, Anna Bjerde, has said.
Bjerde made the remark on Tuesday during a meeting with President Bola Ahmed Tinubu and Vice President Kashim Shettima at the State House in Abuja, where she led a delegation of senior World Bank officials.
Commending Nigeria’s economic reform trajectory over the past two years, the World Bank chief praised the administration’s resolve to remain consistent despite the social and economic pressures associated with far-reaching policy changes.
According to her, the government’s ability to stay the course and demonstrate early positive outcomes has strengthened confidence among investors, policymakers and private sector players, both locally and internationally.
Bjerde said the World Bank’s forthcoming Country Partnership Framework for Nigeria would be firmly anchored in the country’s own development priorities, including the administration’s ambition to grow the economy to a $1 trillion GDP with a sustained growth rate of about seven per cent.
President Tinubu, in his response, reaffirmed his administration’s commitment to the reform agenda, stressing that although the process has been difficult, it remains irreversible.
“There will be no turning back,” the President said, acknowledging that the removal of fuel subsidies and the unification of foreign exchange rates initially fuelled inflationary pressures.
He noted, however, that inflation has since moderated, the naira has stabilised, and investor confidence has improved, leading to better conditions for doing business in the country.
The President said the reforms are anchored on transparency, accountability and policy stability, which he described as essential foundations for long-term economic growth.
Highlighting agriculture as a central pillar of his administration’s economic strategy, Tinubu said the government has invested in transforming the sector through the establishment of zonal mechanisation centres, improved seed development, expanded fertiliser availability and support from the growing petrochemical industry.
These measures, he explained, are aimed at boosting agricultural yields and transitioning farmers from subsistence operations into stronger, cooperative-based enterprises.
“Nigeria is the heart of the continent, and we must do what’s necessary to strengthen the economy, particularly when you consider the young population and the vast expanse of 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 help farmers.”
Tinubu urged the World Bank to deepen its partnership with Nigeria by accelerating financing options, cutting bureaucratic delays, sharing proven development models, managing risks and strengthening local capacity in order to fast-track inclusive growth and shared prosperity.
In her remarks, Bjerde underscored the importance of expanding access to finance for enterprises of all sizes, particularly mid-sized firms, which she described as critical drivers of employment and economic expansion.
She also acknowledged Nigeria’s emphasis on early childhood development, noting that investments in this area are crucial for long-term productivity and human capital development.
“Many countries around the world, including middle- and upper-middle-income countries, are again experiencing rising levels of stunting,” she said. “Here, early childhood development has been identified as a strong entry point, and we are looking forward to a new Country Partnership Framework built around these priorities.”
Bjerde reaffirmed the World Bank Group’s commitment to supporting Nigeria through a coordinated programme that combines public and private sector interventions.
She said the World Bank Group, working through its institutions—the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC)—remains ready to continue supporting Nigeria’s reform agenda.
Also present at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia.
The engagement, according to officials, underscores the growing alignment between Nigeria’s reform priorities and the World Bank’s development support strategy for the country.
