President Bola Tinubu has told a visiting World Bank delegation that Nigeria will not reverse course on its economic transformation agenda, describing the reforms as critical to unlocking the country’s potential through its young population and agricultural resources.
Receiving the World Bank team headed by Anna Bjerde, Managing Director of Operations, at the State House following briefings by Finance Minister Wale Edun and Vice President Kashim Shettima, Tinubu reaffirmed his administration’s commitment to the reform path.
“Since we have gone into this tunnel of reform, we have our hands on the power and we’re never going to look back,” the President declared.
Acknowledging early difficulties, Tinubu emphasized perseverance: “Initially it was painful and difficult, but those who win are not the ones who give up during hard times.”
Describing Nigeria as “the heart of the continent,” Tinubu outlined agriculture as a priority area, pointing to mechanization initiatives already underway. He noted progress in establishing mechanization centers to support farmers with improved seedlings and invited World Bank participation in this sector.
The President also highlighted opportunities in linking agricultural development with the petrochemical industry to boost local fertilizer production, envisioning a shift from smallholder farming to large-scale cooperative ventures.
“Reform is a continuous exercise. We’re not looking back—transparency, accountability, and dynamic business principles guide us,” Tinubu stated, contrasting his approach with past subsidy-era corruption.
He cited declining inflation and a stabilized naira as evidence of reform gains, adding that the business environment has improved for investors.
Tinubu urged the World Bank to streamline bureaucracy and explore flexible financing models suited to Nigeria’s large population, inviting accelerated partnership.
Bjerde praised Nigeria’s reform efforts over the past two years, calling them exemplary in global discussions with leaders and investors.
“The results achieved are truly commendable. Your steadfastness has been noted and quoted, including by myself,” she said, adding that private sector feedback from Lagos confirms strong progress.
The World Bank has aligned its Country Partnership Framework with Nigeria’s goal of reaching a $1 trillion GDP and 7% growth, focusing on job creation, infrastructure, agricultural value chains, SME financing, and early childhood development.
Bjerde emphasized Africa’s demographic advantage: “By 2051, 40% of the world’s population will be African, with 40% being young people.”
The World Bank’s support package includes $17 billion in public financing, $5 billion annually from the International Finance Corporation for private sector projects, and expanded guarantees exceeding $500 million through the Multilateral Investment Guarantee Agency.
“Nigeria is always top of my mind when asked which African country to watch,” Bjerde concluded.
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