World Bank Managing Director, Anna Bjerde, has commended the Nigerian government for its sustained reform measures, describing the country as a global example of steady and credible reform leadership.
Bjerde, who made this remark when she led a team of the bank on a visit to President Bola Tinubu at the State House, Abuja on Tuesday, commended the government’s commitment to its reform agenda, noting that “staying the course” has yielded positive results.
According to her, this consistency has restored confidence across the private sector and global policy circles.
Bjerde spoke on the forthcoming Country Partnership Framework as being firmly anchored in Nigeria’s own development vision, especially the Tinubu-led administration’s goal of achieving a $1 trillion Gross Domestic Product (GDP) and seven per cent growth by 2030.
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Similarly, the banker acknowledged Nigeria’s focus on strengthening early childhood development as essential to long-term productivity and assured the development finance institution’s support for the policy initiative.
She said: “Many countries around the world, even middle-income and upper-middle-income countries, are suffering again with rising levels of stunting. And here, we’ve identified early childhood development as a strong entry point. So, all of this, to say we’re looking forward to a new country partnership framework.”
While assuring the World Bank Group’s commitment to a programme aligned with Nigeria’s priorities, combining public and private sector support, Bjerde maintained that the bank, through its institutions, the International Development Association (IDA), International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC, would to continue to support Nigeria’s reform agenda.
Tinubu, in his welcome speech to the World Band Group team, reaffirmed the government’s commitment to the ongoing economic reforms, noting that though the process has been challenging, there will be no turning back.
The President maintained that while the subsidy removal and the unification of exchange rates initially triggered inflation, the inflation had since moderated and the Naira exchange rate had stabilized with the attendant implications for improved investor confidence in the country and ease of doing business.
Tinubu, who explained the reforms being implemented were anchored on transparency, accountability and stable policies, highlighted agricultural transformation as a priority of his administration.
He said investments had been made in the sector through zonal mechanisation centres, improved seed development, and fertiliser availability, supported by the growing petrochemical industry, to boost yields and move farmers from small-scale operations into strong cooperatives.
The President further clarified: “Nigeria is the heart of the continent, and we must do what’s necessary to strengthen the economy, particularly looking at the young population of this country, looking at the vast area of arable lands.
“How do we employ mechanisation and make agriculture easier? I have embarked upon that. We have created zonal mechanisation centres to help the farmers”, he added.
Tinubu urged the World Bank to deepen its partnership with Nigeria by fast-tracking funding, reducing bureaucracy, sharing development models, managing risks, and building local skills to fast-track inclusive growth and prosperity in the country.
