President Bola Tinubu has reaffirmed Nigeria’s unwavering commitment to its economic reforms, declaring they would not be reversed despite initial hardships.
He made the declaration yesterday when he hosted a World Bank delegation led by Managing Director of Operations, Anna Bjerde, at the State House.
Tinubu, who received a comprehensive briefing from the Coordinating Minister of Finance, Wale Edun and Vice President Kashim Shettima, emphasised the nation’s resolve to push forward. “Since we have gone into this tunnel of reform, we have our hands on the power and we’re never going to look back,” he stated. “It is very clear that initially it was painful, difficult, but those who win are not the ones who give up on their way in the difficult times.”
Highlighting Nigeria’s strategic importance, Tinubu described the country as “the heart of the continent” and outlined priorities like agricultural mechanisation to harness vast arable lands and a youthful population. “How do we employ mechanisation and make agriculture easier? I have embarked on that. There had been mechanisation centres to help the farmers working on the seedlings that will enhance their programme,” he said. “Whichever way the World Bank can come in on the seedlings… How do we help the farmers to convert local markets for fertilisers to improve their yields and move them from ordinary, small-scale holders to huge cooperative and confidential farmers that can bring opportunity to Nigerians?”
The President stressed transparency and accountability as core to the reforms, rejecting past subsidy regimes and multiple exchange rates. “Reform is a continuous exercise. We’re not looking back. In multiple exchanges, give it up! Let the world and the country benefit from a stable currency,” Tinubu declared. He noted positive outcomes, including dramatically reduced inflation and a stable Naira, urging the World Bank to accelerate growth. “What is the value of encouragement for an African that is taking this huge population on an assurance of prosperity? How can you accelerate that growth? In your partnership with us, it is very important to me, please accelerate that.”
Bjerde praised Nigeria’s progress over the past two years, citing it frequently in global discussions. “Nigeria is a frequent example in my discussions with people around the world, presidents around the world, policymakers around the world and investors around the world because I think in these two years, the results that have been achieved are really commendable,” she said.
She commended Tinubu’s steady leadership, saying, “You’ve been very steady, and it has been noted, even when reform implementation can be difficult, there is no turning back. You’re staying the course, because it is what’s needed to get the results that you’re looking for.”
Aligning with Tinubu’s $1 trillion GDP and seven percent growth vision under World Bank President Ajay Banga, Bjerde outlined a jobs-focused Country Partnership Framework. “We’re focused on creating jobs. Africa holds the key to the future, in my view. But creating jobs for all these people will be very difficult,” she noted, targeting infrastructure, agriculture, SMEs and human development like tackling stunting through early childhood programmes.
She highlighted the World Bank’s robust support, saying, “A $17 billion public-sector portfolio via IDA and IBRD, $5 billion annually from IFC for private sector mobilisation, and expanding guarantees from the Multilateral Investment Guarantee Agency, Nigeria continues to be one of the largest clients of the World Bank,” Bjerde affirmed, praising budget support tied to reforms. “Because you’re so reform oriented, it’s the perfect instrument. We are preparing a new one right now, which has, again, great reforms that you are doing.”
She expressed optimism about digital initiatives and private sector feedback from Lagos, saying, “I often get the question of which country should we be tracking in Africa? And Nigeria is always top of my mind. Thank you so much for allowing the World Bank Group to be a steadfast partner.”
