The World Bank has commended President Bola Tinubu for his administration’s reform drive, describing Nigeria as a frequent global reference point for reform implementation and results.
The bank’s Managing Director of Operations, Anna Bjerde, made the remarks on Tuesday while leading a World Bank Group delegation to meet the president at the State House in Abuja.
Bjerde said the outcomes of Nigeria’s reforms over the past two years were widely discussed among global leaders, policymakers and investors, noting that the scale and pace of progress had drawn international attention.
“Nigeria is a frequent example in my discussions around the world because the results achieved in two years are really commendable,” she said.
She praised President Tinubu’s consistency in communicating the necessity of the reforms, adding that his steady leadership had helped sustain confidence despite the challenges associated with implementation.
“Even when reform implementation is difficult, there is no turning back. You are staying the course,” Bjerde said.
According to her, feedback from Nigeria’s private sector indicates that reform outcomes are becoming more visible, with improving investor sentiment and growing confidence in the policy direction of the government.
On the forthcoming Country Partnership Framework, Bjerde said the new programme would be anchored on Nigeria’s development ambition of building a $1 trillion economy and achieving seven per cent economic growth. She stressed that job creation would be central to the partnership, particularly in light of Africa’s growing population and the urgency of employment opportunities for young people.
She identified infrastructure investment, agricultural modernisation and improved access to finance for small and medium-sized enterprises as priority areas for collaboration, noting that Nigeria’s infrastructure spending remains low relative to its gross domestic product.
Bjerde said this gap would require innovative public-private partnerships to unlock private capital and accelerate development. She disclosed that the World Bank’s public sector portfolio in Nigeria currently stands at about $17 billion, while its private-sector arm, the International Finance Corporation, invests approximately $5 billion annually in the country.
She added that a new reform-linked budget support operation was being prepared, alongside expanded risk guarantee instruments designed to attract more private investment.
“Your reforms and our budget support go hand in hand,” Bjerde said.
Earlier, President Tinubu reaffirmed that his administration’s reform agenda was irreversible, declaring that Nigeria had “its hands on the plough” and would not retreat from the path of reform.
“Since we went into this turn of reform, we are never going to look back,” the president said.
Tinubu acknowledged that the reforms had been painful at the initial stage but said they were necessary to secure long-term economic stability and sustainable growth. He identified agriculture as a key pillar of the reform agenda, citing the establishment of mechanisation centres and Nigeria’s openness to World Bank support in the areas of improved seeds and productivity.
The president also reiterated his commitment to transparency and accountability, describing the removal of fuel subsidies and the unification of the foreign exchange rate as difficult but unavoidable decisions.
“The first reaction was high inflation, but it has come down dramatically. Now that it is stable, we can help investors,” Tinubu said.
He urged the World Bank to accelerate innovative financing solutions, reduce bureaucratic bottlenecks and deepen support for skills development, while assuring the institution of Nigeria’s readiness for deeper engagement and a sustained partnership.