World Bank lauds Nigeria as global reform leader, eyes $1tn GDP push

Abdullateef Fowewe

The World Bank Managing Director of Operations, Anna Bjerde, has claimed that Nigeria is emerging as a beacon of steady economic reform worldwide.

Bjerde said this after meeting President Bola Tinubu and Vice President Kashim Shettima on Tuesday at the State House.

In remarks shared via a statement signed by Bayo Onanuga, Special Adviser to the President on Information & Strategy, Bjerde praised the nation’s progress over the past two years.

“Nigeria is now frequently cited globally as an example of steady, credible reform leadership,” she said, crediting the government’s resolve amid challenges.

This consistency, she added, has sparked confidence among investors, policymakers, and the private sector.

Bjerde highlighted the upcoming Country Partnership Framework, anchored in Nigeria’s vision for a $1 trillion GDP and 7% growth. She also emphasised boosting finance access for small, medium, and large enterprises—especially mid-sized firms driving jobs—and early childhood development to combat stunting.

“Many countries around the world, even middle-income and upper-middle-income countries, are suffering again with rising levels of stunting. And here, we’ve identified early childhood development as a strong entry point,” Bjerde noted, reaffirming support from the World Bank’s IDA, IBRD, and IFC arms.

President Tinubu reaffirmed his administration’s unwavering commitment, declaring, “there will be no turning back.”

He pointed to subsidy removal and exchange rate unification, which initially spiked inflation but have now stabilized the naira, eased business, and drawn investors.

Reforms rest on “transparency, accountability, and stable policies,” he said.

Tinubu spotlighted agriculture as a cornerstone, with investments in zonal mechanization centers, better seeds, fertilizers, and petrochemical support to scale up cooperatives.

“Nigeria is the heart of the continent, and we must do what’s necessary to strengthen the economy, particularly looking at the young population of this country. We have created zonal mechanisation centres to help the farmers,” he stated.

The president urged the World Bank to accelerate funding, cut red tape, share models, and build local skills for inclusive growth.