FG strengthens partnership with W’Bank to boost economic reforms

Abdullateef Fowewe

A high-level World Bank delegation led by Vice President for Western and Central Africa, Ousmane Diagana, met with Nigeria’s Finance Minister, Wale Edun, to reaffirm support for President Bola Tinubu’s economic reform agenda.

This was obtained in a statement Ministry Finance made available for Dailyeconomy on Tuesday.

In the statement, Diagana lauded Nigeria’s 3.4% GDP growth in 2024, the strongest since 2014 and commended efforts to stabilise the economy and improve portfolio performance.

He emphasised the importance of sustaining reform momentum to achieve inclusive, job-creating growth, noting Nigeria as the World Bank’s largest African portfolio with commitments around $17 billion.

He said, “Nigeria’s potential to emerge as a leading economic powerhouse in Africa is rooted in the hardworking ethos of its citizens.

“The recent macroeconomic reforms reflect Nigeria’s determination to improve its economic outlook and expand its economy.”

The Finance Minister highlighted priorities including speeding up project delivery, scaling biometric verification for 15 million people on the national social register, and accelerating the M300 energy access initiative.

The statement reads, “The CME reiterated the government’s focus on three key areas: improving project delivery speed, scaling up biometric verification for 15 million individuals on the national social register, and accelerating implementation of the M300 compact. He announced the establishment of a Compact Delivery and Monitoring Unit and requested a status update to ensure the nation stays on track to set new records in project approval and execution.

“Key areas of collaboration also include increased agricultural productivity, improved access to finance for SMEs, enhanced digital transformation, and broader financial inclusion.”