President Bola Tinubu on Tuesday declared his administration will not abandon ongoing economic reforms, stating that Nigeria has crossed the most challenging implementation phase and remains committed to long-term stability.
Speaking while receiving a World Bank delegation led by Managing Director of Operations Anna Bjerde at the State House in Abuja, Tinubu said the reforms, though painful at the beginning, were necessary to strengthen Nigeria’s economy and create opportunities for the country’s young population.
The President defended controversial policy decisions including fuel subsidy removal and exchange rate unification, describing them as essential sacrifices for sustainable economic growth. He acknowledged the initial inflationary impact but noted significant improvement in price stability.
Bjerde commended Nigeria’s reform outcomes over the last two years, describing the country as a frequent global reference point for reform implementation. She praised Tinubu’s consistent communication on the necessity of reforms, noting his steady leadership had built confidence despite implementation challenges.
The World Bank official disclosed that the institution’s public sector portfolio in Nigeria currently stands at approximately 17 billion dollars, while private sector investments through the International Finance Corporation have expanded to roughly five billion dollars annually.
Bjerde identified infrastructure investment, agricultural modernization and improved access to finance for small and medium enterprises as priority areas requiring innovative public-private partnerships. She emphasized job creation as the central focus of the World Bank’s partnership with Nigeria.
The President highlighted agricultural transformation as a government priority, citing investments in zonal mechanization centres, improved seed development and fertilizer availability to boost productivity. He called on the World Bank to explore innovative financing models, reduce bureaucratic bottlenecks and support skills development.
Finance Minister Wale Edun said the meeting came as Nigeria and the World Bank finalize the Country Partnership Framework for 2026 to 2032, which will be anchored in Nigeria’s development vision of achieving a one trillion dollar Gross Domestic Product and seven percent growth.
The framework combines public and private sector support through institutions including the International Development Association and the International Bank for Reconstruction and Development. Bjerde revealed the World Bank is preparing a new budget support operation for Nigeria aligned with the government’s reform agenda.
Vice President Kashim Shettima and other government officials attended the meeting.
