President Bola Tinubu on Tuesday declared that his administration would not reverse course on its economic reforms.
He also vowed to sustain transparency and accountability in governance.
Speaking when he received a World Bank delegation led by Managing Director of Operations, Anna Bjerde, at the State House, Abuja, the President said the reforms, though painful at the beginning, were necessary to strengthen Nigeria’s economy and create opportunities for its young population.
“Since we went into this journey of reform, we have our hands on the plow, and we’re never going to look back.
“It is very clear that initially it was painful and difficult, but those who win are not those who give up along the way in their difficult times,” Tinubu stated.
He emphasised that Nigeria, as the heart of the African continent, must take necessary steps to transform its economy, particularly through agricultural mechanisation and support for farmers.
The President specifically called on the World Bank to assist in establishing mechanisation centres to help farmers, enhance seedling programmes, and facilitate access to locally produced fertilisers as Nigeria’s petrochemical industry increases output.
“How do we help the farmers to convert local market for fertilisers to improve their yields and move them from ordinary small-scale holders to huge cooperatives and commercial farmers that can bring opportunity to Nigerians?” Tinubu asked.
He noted that his administration’s commitment to reform required difficult decisions, including ending the fuel subsidy regime and unifying the exchange rate, despite the initial shock of high inflation.
“It was difficult for a leader to look the other way in any corrupt environment for an opportunity that can give a function of money in subsidy regime and multiple exchange rates.
“We gave it up, let the world and the country benefit from a stable currency.
“And yes, the first reaction was high inflation, but it has come down dramatically. Naira is stable today,” the President said.
Tinubu urged the World Bank to explore various financing options that could accelerate Nigeria’s growth, reduce intermediaries, manage risks, and develop the skills of Nigerians.
“What is the value of encouragement for an Africa that is taking this huge population on an assurance of prosperity?
“How can you accelerate that growth in partnership with us?
“Any way that we can cut brokers and push the risk and develop the skill of our people is why I’m seeing you this afternoon,” he added.
In her response, Bjerde commended Tinubu’s steadfast implementation of reforms over the past two years, describing the results as “remarkable and commendable.”
She disclosed that Nigeria has become a frequent example in her discussions with presidents, policymakers, and investors worldwide due to the achievements recorded in the two-year period.
“In these two years, the results that have been achieved are really commendable, and what I have particularly appreciated and followed is your steady direction that you communicate to the people of Nigeria, as well as outside of Nigeria, of the importance of their reforms, because that has given confidence and clarity that even when reform implementation can be difficult, there is no turning back,” Bjerde stated.
She noted that while many countries find it easy to slow down, change direction, or reverse reforms during difficult periods, Tinubu had remained steady, which had been widely noted and quoted internationally.
“Two years ago, you were very much at the launching stage, and here we are, two years later, with very strong results.
“We heard it from the private sector in Lagos on Sunday as well as yesterday, and I think it’s just remarkable and commendable,” the World Bank official said.
Bjerde explained that under the leadership of World Bank President Ajay Banga, the institution’s strategies are now anchored in member countries’ national visions, with Nigeria’s target of a $1tn GDP and seven per cent growth rate serving as the operating framework for the Bank’s support.
She identified job creation as the central focus of the Bank’s partnership with Nigeria, noting that Africa’s rising population presents both an opportunity and a challenge.
“In 2051, one in four people will be an African, and 40 per cent of those will be young people. Africa alone needs 600 million additional jobs by 2050.
“So jobs is what we’ve identified as something very important, because the best way out of poverty ultimately is that people have their own livelihoods and incomes,” she said.
The World Bank official highlighted infrastructure development as critical, noting that Nigeria has one of the lower infrastructure spending rates per GDP and would require both public and private sector solutions.
On agriculture, Bjerde praised Nigeria’s innovations and expressed the Bank’s commitment to scaling them through mechanisation, cooperatives, and integration into value chains, including better roads, finance, and technology.
She also addressed the financing gap for small and medium-sized enterprises, which she said account for 70 to 90 per cent of job creation globally but often struggle to access funding.
“Some of the small ones have access to microfinance. Some of the large ones can establish themselves and have access to banks.
“The middle ones are a bit lost. So that’s where the access to finance solutions we think we need to creatively work on together,” Bjerde explained.
On human development, she commended Nigeria’s strategy to address stunting, with early childhood development identified as a potential entry point for World Bank support.
Bjerde disclosed that the World Bank’s portfolio in Nigeria stands at approximately $17bn on the public sector side through the International Development Association and International Bank for Reconstruction and Development, making Nigeria one of the Bank’s largest clients.
She added that the International Finance Corporation has grown its private sector operations in Nigeria to about $5bn annually, while the Multilateral Investment Guarantee Agency currently provides just over half a billion dollars in risk reduction guarantees and insurance schemes, with plans to expand.
She revealed that the institution is preparing a new Development Policy Operation to support Nigeria’s budget, tied to the government’s reform agenda.
“Because you’re so reform-oriented, it’s the perfect instrument, because it’s your reforms and our support to the budget. So they go hand in hand,” she said.
Bjerde noted that while inflation has declined impressively, the Bank recognises that adjustments are ongoing and would continue to support reforms in trade, digital infrastructure, and other areas critical to job creation and private sector growth.
“Yesterday, we heard from the private sector that for youth, digital is the fuel. So all the work you’re doing on digital is just amazing, because that’s where their energy comes from and goes to,” the World Bank executive added.
She described Nigeria as consistently top of mind when asked which African country should be tracked by international observers and investors.
“I’m really honoured to meet you again. Sorry if I talk too much about Nigeria around the world. I often get the question of which country should we be tracking in Africa, and Nigeria is always top of my mind,” she said.
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