Nigeria’s Economic Reforms Are Irreversible – Tinubu Tells World Bank

• President Bola Tinubu has said Nigeria’s economic reforms are irreversible, as the World Bank commended the country’s consistency and pledged continued financial and technical support.

President Bola Ahmed Tinubu has declared that Nigeria’s ongoing economic reform programme is irreversible, insisting that his administration will not backtrack despite the early challenges associated with the policies.

The president made the remarks on Tuesday in Abuja while receiving a delegation from the World Bank at the State House, accompanied by Vice-President Kashim Shettima. The delegation was led by Anna Bjerde, Managing Director of Operations at the World Bank.

According to Tinubu, the reforms, though initially painful, are necessary to place the country on a sustainable path of growth. He said the government remains committed to seeing the process through, noting that abandoning reforms during difficult periods often leads to failure.

The president identified agriculture as a major pillar of his administration’s agenda, citing Nigeria’s vast arable land and youthful population. He said efforts were underway to promote agricultural mechanisation through specialised centres that would provide farmers with equipment and quality seeds to boost productivity.

Tinubu told the World Bank delegation that the reform measures were already producing positive outcomes, pointing to easing inflationary pressures and improved stability of the naira. He called on the World Bank to deepen its partnership with Nigeria, particularly through innovative financing arrangements aimed at accelerating economic growth.

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Responding, Bjerde said Nigeria had become a reference point in global discussions on reform implementation, noting that the country’s progress over the past two years had attracted attention from policymakers and investors worldwide. She praised the administration for maintaining consistency despite political and social pressures.

Bjerde disclosed that the World Bank is providing about $17 billion in public-sector support to Nigeria, in addition to $5 billion annually through the International Finance Corporation, alongside guarantees designed to stimulate private investment and job creation. She added that the bank’s engagement is focused on infrastructure, agriculture, small and medium-sized enterprises, and human capital development.