…seeks stronger partnership to scale agriculture, infrastructure, job creation
…World Bank hails Nigeria’s reform resolve, aligns support with $1tn GDP ambition
President Bola Ahmed Tinubu on Tuesday pressed the World Bank to deepen and fast-track its partnership with Nigeria, declaring that his administration is firmly committed to sustaining its economic reforms and will not reverse course despite the initial pains of adjustment.
The President made the call at the State House, Abuja, while receiving a high-level World Bank delegation led by its Managing Director of Operations, Anna Bjerde.
Tinubu said Nigeria had already crossed the most difficult phase of reform implementation and was determined to stay the course in the interest of long-term stability and prosperity.
“I give you the assurance that since we’ve gone into this tunnel of reform, we have our hands on the plough and we’re never going to look back. Initially it was painful and difficult, but those who win are not the ones who give up along the way in difficult times”, the President said.
He described Nigeria as the heart of the African continent, stressing that the scale of the country’s population and resources made reform not just desirable but inevitable.
According to him, strengthening the economy requires deliberate focus on Nigeria’s youthful population, its vast arable land and the need to modernise agriculture through mechanisation and improved inputs.
Tinubu outlined ongoing efforts by his administration to establish zonal mechanisation centres across the country to support farmers, expand access to improved seedlings, and leverage rising petrochemical output to boost local fertiliser availability.
These measures, he said, were aimed at improving yields and transitioning farmers from subsistence production to large-scale cooperatives capable of creating jobs and generating wealth.
“How do we help the farmers convert the local market for fertilisers to improve their yields and move them from ordinary small-scale holders to huge cooperatives that can bring opportunities to Nigerians?” the President asked, urging the World Bank to identify areas where it could support seed development, mechanisation and agricultural value chains.
Reaffirming his administration’s reform philosophy, Tinubu stressed that transparency, accountability and market-driven policies would remain central pillars of governance.
He said difficult decisions taken on fuel subsidy removal and exchange-rate unification were necessary sacrifices for long-term gains.
“It’s difficult for a leader to look the other way in a corrupt environment where subsidy regimes or multiple exchange rates can offer quick gains. We gave that up so that the world and the country can benefit from a stable currency”, he said.
The President acknowledged that inflation initially rose following the reforms but noted that it had since eased significantly, while the naira had stabilised.
He added that improved macroeconomic conditions were already enhancing investor confidence and easing the process of doing business in and out of the country.
Tinubu called on the World Bank to explore innovative financing models, reduce bureaucratic bottlenecks, help de-risk private investment and support skills development.
“How can you accelerate growth in your partnership with us is very important to me,” he said, adding that Nigeria was open to expanded engagement at any time.
In her remarks, Bjerde commended the Nigerian government for what she described as steady, disciplined and courageous reform leadership over the past two years.
She said Nigeria had become a frequent reference point in her discussions with presidents, policymakers and investors around the world.
“The results that have been achieved are really commendable,” she said, praising Tinubu’s consistent communication to Nigerians and the international community on the necessity of reforms.
“Even when reform implementation is difficult, there has been no turning back, and that has given confidence and clarity”, she said.
Bjerde noted that Nigeria’s reform journey, which began about two years ago, was now delivering visible results acknowledged by the private sector and international partners alike.
She said the World Bank’s forthcoming Country Partnership Framework would be firmly anchored on Nigeria’s own development vision, including the ambition to grow the economy to $1 trillion and achieve annual growth of about seven per cent.
She identified job creation as the central priority for the partnership, stressing that Africa’s rapidly growing and youthful population made employment generation critical.
According to her, infrastructure investment, agricultural transformation, access to finance for small and medium-sized enterprises, and human development would form the backbone of the World Bank’s engagement.
Bjerde disclosed that the World Bank’s public sector portfolio in Nigeria currently stood at about $17 billion, while private sector investments through the International Finance Corporation had expanded to roughly $5 billion annually.
She added that the Multilateral Investment Guarantee Agency was also increasing its presence in Nigeria, with plans to expand risk-reduction guarantees and insurance schemes to attract more private capital.
She further revealed that the World Bank was preparing a new budget-support operation for Nigeria, building on earlier instruments that had been revived to align the Bank’s financing directly with the government’s reform agenda.
Earlier, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the meeting came as Nigeria and the World Bank were finalising the Country Partnership Framework for 2026–2032.
He described the engagement as a reflection of a shared commitment to deepening a partnership that had evolved into a collaborative agenda for structural transformation and sustainable growth.
Edun said Nigeria’s far-reaching and internationally recognised reforms under the Renewed Hope Agenda had repositioned the economy for long-term resilience, with progress already acknowledged by rating agencies and global investors.
He said the new framework would prioritise large-scale infrastructure, transport, power, agriculture, human capital development and digitalisation.
According to him, Nigeria was transitioning away from heavy reliance on sovereign borrowing towards mobilising large-scale private sector investment, with government playing a catalytic role in de-risking projects.
He said the World Bank remained a trusted partner expected to scale guarantees, blended finance and risk-sharing instruments to unlock billions of dollars in global investment.
Edun said the presence of the high-level World Bank delegation was a strong signal of confidence in Tinubu’s leadership and reform direction, adding that the focus going forward was to sustain the momentum and entrench credible, long-term growth.
