World Bank Extols Tinubu’s Economic Reforms as Global Model
World Bank Extols Tinubu’s Economic Reforms as Global Model
By 𝔸bdulrazak Tomiwa
The World Bank has lauded President Bola Tinubu’s economic agenda, describing Nigeria as a global reference point for implementing difficult reforms.
During an Abuja visit, Managing Director Anna Bjerde noted that Nigeria’s progress was now a frequent topic among international leaders and investors.
The institution highlighted that the administration’s consistency has bolstered private sector confidence. Bjerde praised the rapid results achieved in just two years, stating, “Nigeria is a frequent example in my discussions around the world because the results achieved in two years are really commendable.”
President Tinubu reaffirmed his commitment to these changes, signaling that the government will not backtrack. While acknowledging initial hardships, he maintained that the policies were vital for growth, remarking, “Since we went into this turn of reform, we are never going to look back.”
The President explained that despite the high inflation triggered by fuel subsidy removal and exchange rate unification, the economy is finally stabilizing. He emphasized that this stability is key for growth, adding, “The first reaction was high inflation, but it has come down dramatically. Now that it is stable, we can help investors.”
The World Bank outlined a new Country Partnership Framework to help Nigeria reach a $1 trillion economy through job creation and infrastructure.
Bjerde assured the President of continued financial backing, stating, “Your reforms and our budget support go hand in hand.”
Currently, the bank’s public sector portfolio in Nigeria stands at $17 billion, supplemented by IFC investments. To further boost the economy, the bank is preparing new reform-linked budget support and risk guarantees to attract more private capital into the country.
