Nigeria’s economic reforms on track,

By Uche Usim

The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has affirmed that Nigeria’s economic reforms are progressing steadily and beginning to deliver tangible outcomes.

Speaking on Monday in Abuja during a courtesy visit by Mr. Mathew Verghis, the newly appointed World Bank Country Director for Nigeria, Bagudu said the reforms are already yielding “positive results,” including increased revenue generation at subnational levels and a notable reduction in public debt.

Bagudu commended the World Bank for its continued support and welcomed the recently released Nigeria Development Update, describing it as “documentary evidence” of the country’s improving economic trajectory.

“Our ambition is to grow the Nigerian economy to $1 trillion, and to achieve that, we need to develop a strategy for attaining double-digit growth,” he stated.

The minister emphasized that realizing this vision would require mobilising broad-based support from key stakeholders, including political leaders, labour unions, and the private sector. According to him, “We are confident that we will stay on course,” citing a general acceptance of the reforms across various sectors.

In his remarks, Verghis drew parallels between Nigeria’s current reform journey and India’s economic transformation in the early 1990s. He noted that India’s tough decisions at the time laid the foundation for three decades of sustained growth, a sharp reduction in poverty, and broader economic development.

Verghis reiterated the World Bank’s commitment to Nigeria’s growth ambitions, pledging continued support in critical areas such as job creation, financial inclusion, agricultural development, and structural reforms.

Prior to his posting in Nigeria, Verghis served as the World Bank’s South Asia Regional Director for Equitable Growth, Finance, and Institutions. His past roles also include Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, overseeing operations in China, Vietnam, and Southeast Asia.