By Adesakin Adefemi
President Bola Tinubu has reiterated Nigeria’s commitment to its economic reforms, assuring the World Bank that they are irreversible and crucial for harnessing the nation’s vast potentialities.
Speaking at the State House, Abuja, Tinubu expressed delight in meeting with a World Bank delegation led by Managing Director of Operations, Anna Bjerde, emphasizing that the reforms are a key driver of the country’s growth and development.
Tinubu highlighted the government’s focus on agriculture, citing mechanisation drives underway to make farming easier and more productive. He invited World Bank support in enhancing seedlings and improving fertiliser production to boost crop yields, saying this would help Nigeria become a major player in the global agricultural market.
The President acknowledged the initial hardships caused by the reforms but stressed that they are necessary for the country’s growth. “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,” he said, emphasizing that Nigeria is committed to staying the course.
Tinubu touted tangible gains from the reforms, including a dramatic reduction in inflation and a stable naira. He also highlighted the ease of doing business in Nigeria, saying investors can now move in and out of the country with ease, and that the government is working to improve the country’s infrastructure and business environment.
The President called for deeper collaboration with the World Bank, challenging the institution to explore various financing models to support Nigeria’s growth. He emphasised the importance of cutting bureaucracy and developing the skills of Nigerians, saying this would help the country achieve its development goals.
Anna Bjerde, the World Bank’s Managing Director of Operations, commended Nigeria’s leadership for its steadfast reforms, citing them as an example in global discussions. She praised the government’s communication of the reforms’ importance, saying it has built confidence among investors and stakeholders.
Bjerde said the World Bank has aligned its Country Partnership Framework with Nigeria’s vision of a $1 trillion GDP and 7% growth, highlighting key focus areas, including job creation, infrastructure development, and human development. She expressed bullishness about Africa’s demographic boom, saying 40% of the world’s population will be African by 2051, with 40% of those being young people.
The World Bank official said the institution’s partnership with Nigeria includes a comprehensive package: $17 billion in IDA/IBRD public, $5 billion annually from IFC for private sector mobilisation, and expanding MIGA guarantees from over $500 million.
Bjerde assured that Nigeria is always top of mind when discussing African countries, saying the World Bank is committed to supporting the country’s growth and development. She expressed confidence that the reforms would yield significant results, citing the country’s vast potential and entrepreneurial spirit.
The meeting between Tinubu and the World Bank delegation is seen as a significant step forward in Nigeria’s economic reforms, with the government committed to staying the course despite challenges. The World Bank’s support is expected to play a crucial role in helping Nigeria achieve its development goals.
The Nigerian government has been implementing a range of economic reforms aimed at diversifying the economy, improving the business environment, and promoting growth. The reforms have yielded significant results, including a stable naira and improved investor confidence.
The World Bank’s partnership with Nigeria is expected to help the country achieve its vision of becoming one of the world’s top 20 economies by 2051. The institution’s support will focus on key areas, including infrastructure development, job creation, and human development.
