President Bola Tinubu has declared that his administration will not retreat from the economic reforms it has embarked upon, despite the initial hardships associated with the policies.
The President also pledged to maintain transparency and accountability in governance.
Tinubu spoke on Tuesday when he received a delegation from the World Bank, led by the Managing Director of Operations, Anna Bjerde, at the State House in Abuja. He said the reforms were essential to reposition Nigeria’s economy and expand opportunities for the country’s growing youth 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,” the President said.
He stressed that Nigeria, which he described as the heart of Africa, must take deliberate steps to transform its economy. He highlighted agricultural mechanisation and stronger support for farmers as key priorities.
Tinubu urged the World Bank to support efforts to establish mechanisation centres, strengthen seedling programmes, and improve access to locally produced fertilisers as output from Nigeria’s petrochemical industry rises.
“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?” he asked.
The President acknowledged that the reform agenda demanded tough choices. He cited the removal of fuel subsidies and the unification of the exchange rate as necessary steps, even though they initially triggered inflationary pressure.
“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,” Tinubu stated.
He further called on the World Bank to explore financing options that would speed up growth, reduce the role of intermediaries, manage risks, and build local capacity.
“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 praised Tinubu’s consistency in implementing reforms over the past two years, describing the outcomes as “remarkable and commendable.”
She said Nigeria has become a frequent reference point in her engagements with presidents, policymakers, and investors across the world.
“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,” she said.
Bjerde noted that while many countries slow down or reverse reforms during challenging periods, Tinubu had remained firm, a stance she said had attracted international attention.
“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,” she added.
She explained that under World Bank President Ajay Banga, the institution now aligns its strategies with the national visions of member countries. Nigeria’s goal of achieving a $1tn GDP and a seven per cent growth rate, she said, now guides the Bank’s engagement.
Bjerde identified job creation as the central pillar of the Bank’s partnership with Nigeria, noting Africa’s rapidly growing population.
“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.
She described infrastructure as another critical area, pointing out that Nigeria’s infrastructure spending as a share of GDP remains low and requires solutions from both the public and private sectors.
On agriculture, Bjerde commended Nigeria’s innovations and said the World Bank was ready to help scale them through mechanisation, cooperatives, and stronger value chains, including roads, finance, and technology.
She also spoke on the funding gap faced by small and medium-sized enterprises, which she said generate between 70 and 90 per cent of jobs worldwide but struggle to secure financing.
“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,” she explained.
On human development, Bjerde praised Nigeria’s strategy to tackle stunting and identified early childhood development as a possible entry point for World Bank support.
She disclosed that the Bank’s public sector portfolio in Nigeria stands at about $17bn through the International Development Association and the International Bank for Reconstruction and Development, placing Nigeria among its largest clients.
She added that the International Finance Corporation now supports private sector operations in Nigeria with about $5bn annually, while the Multilateral Investment Guarantee Agency provides over half a billion dollars in guarantees and insurance, with plans to expand.
Bjerde also revealed that the World Bank is preparing a new Development Policy Operation to support Nigeria’s budget in line with the government’s reform programme.
“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.
She noted that inflation has declined significantly, although adjustments are still ongoing, and assured that the Bank would continue to support reforms in trade, digital infrastructure, and other sectors vital 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,” she added.
Bjerde said Nigeria remains top of mind when global investors and observers ask which African country to watch.
“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.
