President Bola Tinubu has reaffirmed that Nigeria’s ongoing economic reforms are irreversible, describing them as essential steps to unlock the country’s full potential and build a resilient economy anchored on transparency, accountability, and growth.
The President gave the assurance during a meeting at the State House with a World Bank delegation led by Managing Director of Operations, Anna Bjerde. The meeting followed a briefing from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Vice President Kashim Shettima.
“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 declared. “It was painful and difficult at first, but those who succeed are not the ones who give up during tough times.”
The President described Nigeria as “the heart of the continent,” stressing that his administration’s priority is to make the country a hub of opportunity through agricultural transformation, industrial growth, and stable macroeconomic policies.
He highlighted the government’s focus on agricultural mechanisation, saying several centres had been established to support farmers with improved seedlings and modern equipment.
“We are already mechanising agriculture. The question is, how do we make it easier for farmers to access technology and improve productivity? The World Bank can support us, especially in seedling development,” Tinubu said.
He also linked agricultural productivity to industrial expansion, particularly in the petrochemical and fertiliser sectors, aimed at helping farmers transition from small-scale to cooperative commercial farming.
“Our petrochemical industry is now producing significant output. We must connect that progress to agriculture—turn fertilisers into better yields and empower farmers to become major contributors to our economy,” he added.
Tinubu reiterated his administration’s stance against corruption and waste, saying:
“No leader should look away from corruption. In the subsidy regime and multiple exchange systems, I said no. Let the world and the country benefit from a stable currency.”
He noted that while initial reforms triggered inflation, macroeconomic indicators are now improving.
“Yes, the first reaction was high inflation, but it has come down dramatically. The naira is stable, and we are improving the ease of doing business for both local and international investors,” he said.
The President urged the World Bank to deepen its partnership with Nigeria, particularly in financing models that prioritise skill development, innovation, and youth empowerment.
“Your partnership is very important to me. Let’s cut bureaucracy and develop the skills of our people,” Tinubu told the delegation.
World Bank Commends Nigeria’s Reform Resolve
In her remarks, Anna Bjerde, World Bank Managing Director of Operations, praised Nigeria’s reform drive, describing it as a global reference point for effective economic restructuring.
“Nigeria is a frequent example in my conversations with presidents, policymakers, and investors around the world,” Bjerde said. “The resolve and consistency shown over the past two years have been commendable.”
She said the World Bank’s new Country Partnership Framework (CPF) aligns with Nigeria’s ambition to achieve a $1 trillion GDP and 7% growth rate, under the leadership of World Bank President Ajay Banga.
Bjerde noted that the Bank’s strategic focus areas include job creation, agricultural mechanisation, SME financing, infrastructure, and human capital development, especially early childhood nutrition.
“I’m very bullish on Africa. By 2051, 40% of the world’s population will be African — and 40% of those will be young people. We must turn that demographic into a dividend,” she said.
The World Bank, she added, is providing a comprehensive financing package for Nigeria, including $17 billion in public sector funding through IDA/IBRD, $5 billion annually from the IFC for private sector mobilisation, and expanded MIGA guarantees exceeding $500 million.
“Nigeria is always top of my mind when asked which African country to watch,” Bjerde concluded. “Our partnership will continue to align with your people’s aspirations.”
