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  • Jimoh Ibrahim faults IMF, World Bank, Insists Nigeria is World’s 42nd biggest economy

    Jimoh Ibrahim faults IMF, World Bank, Insists Nigeria is World’s 42nd biggest economy

    Senator Jimoh Ibrahim (Ondo South) has challenged the International Monetary Fund (IMF) and the World Bank to present evidence contradicting the claim that Nigeria is the 42nd largest economy in the world.

    Ibrahim spoke in Abuja while reacting to the IMF/World Bank statement claiming Nigeria is the 12th poorest country with a specific per capita income. 

    He criticised the IMF for overlooking the country’s total GDP, which primarily influences the per capita income.

    Ibrahim emphasised that President Tinubu’s administration had never stated that Nigeria faces no challenges. 

    He said Nigeria struggles to translate its large GDP into higher per capita income, a problem the government is addressing with the Hope Agenda. 

    Read Also: Jimoh Ibrahim tackles agency on reforms comment

    Ibrahim said the IMF and World Bank often show data from only one standpoint on the balance sheet. He suggested these organisations should concentrate on their internal problem of increasing consultancy fees, highlighting that the IMF and World Bank are epiphenomena without independent authority.

    Ibrahim stated that the skill gap in the public sector hinders the effective execution of government’s good intentions, adding the government aims to address this problem through a significant restructuring policy.

    Noting that reforms are underway, and promoting the knowledge economy has become a top focus, he said per capita income is projected to increase gradually over time.

    Ibrahim emphasised that eradicating or reducing poverty was a shared responsibility, adding that Nigeria’s actual GDP is $363 billion, with a per capita income of $1,597, as opposed to the $808 mentioned by the global financial institutions. 

  • States seek $500m World Bank’s facility to tackle poverty

    States seek $500m World Bank’s facility to tackle poverty

    The Federal Government has moved to secure an additional $500 million in financing to upscale the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme, following its success in supporting vulnerable Nigerians and small businesses.

    Minister of Budget and Economic Planning, Sen Abubakar Atiku Bagudu, disclosed this at a stakeholders’ meeting in Abuja, where he confirmed that the Additional Financing (AF) request was made by the state governments through the Federal Government.

    The World Bank Board and the Federal Executive Council (FEC) have approved the facility, and it is now awaiting the National Assembly’s endorsement.

    Bagudu told stakeholders — including commissioners of Finance, Budget, and Economic Planning from the 36 states and the Federal Capital Territory (FCT) — that President Bola Tinubu remains committed to improving the livelihoods of poor and vulnerable Nigerians. He said the president’s focus is on ensuring food security and facilitating the recovery of micro and small enterprises (MSEs), in line with the Renewed Hope Agenda.

    “President Bola Tinubu’s visionary leadership and Renewed Hope Agenda have created a favourable macroeconomic environment, leading to the proliferation of highly impactful programmes aimed at vulnerable and underprivileged groups,” Bagudu said.

    The NG-CARES Programme was initially launched as the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme in June 2021, supported by a $750 million World Bank credit secured through the International Development Association (IDA). The programme has since been renamed and redesigned to provide broader support for communities dealing with the impacts of climate change, civil conflicts, natural disasters, and the long-term effects of the COVID-19 pandemic.

    As a Programme-for-Results (PforR), NG-CARES has so far delivered measurable outcomes, reaching over 16 million direct beneficiaries across all states and the FCT. The credit facility has enabled states to implement initiatives aimed at curbing poverty and bolstering local economic activity, particularly for groups facing systemic disadvantage.

    Bagudu explained that the stakeholders’ engagement was convened to deepen understanding of the design and operational structure for the upcoming NG-CARES Additional Financing.

    He said the meeting was also aimed at fostering collaboration between subnational Ministries of Finance and Budget and Planning to enhance implementation outcomes.

    Read Also: We’ll reshape economic diplomacy to build a progressive West Africa – Tinubu

    “Sustaining the livelihoods of over 200 million people is crucial to everything we do,” the minister said. “The NG-CARES AF would progressively upscale the successes achieved under the existing programme, foster stronger coordination mechanisms between the federal and state governments, strengthen service delivery platforms at all levels, and accelerate the implementation of programmes to address the current crisis.”

    He maintained that Nigeria, as Africa’s largest economy, cannot afford to allow millions to remain in extreme poverty. He added that the NG-CARES Additional Financing would play a pivotal role in confronting these challenges and ensuring continuity in community-based support initiatives.

    Bagudu assured that the Federal Government will maintain rigorous oversight and quality assurance across the board. He stated that institutional strengthening and technical support will be provided to state governments through relevant federal agencies. These efforts, he said, would ensure strategic coordination, continuous programme review, and improved results.

    According to him, the Tinubu administration is committed to building on the gains already recorded by the NG-CARES Programme and scaling up efforts to cushion the economic effects of ongoing local and global shocks on Nigeria’s most vulnerable populations.

  • WAHO strengthens regional health security with World Bank’s $500m

    WAHO strengthens regional health security with World Bank’s $500m

    The West African Health Organisation (WAHO) has called for deeper collaboration among countries in West and Central Africa to effectively combat emerging public health threats, particularly those with cross-border implications.

    This emerged in Abuja on Tuesday during the first regional learning event of the Health Security Program for Western and Central Africa that brought together key stakeholders, including the World Bank, national public health agencies, and regional institutions, to forge a unified response strategy and strengthen long-term emergency preparedness across the sub-region.

    Speaking at the event, the World Bank’s Practice Manager for Health, Nutrition, and Population in West and Central Africa, Rifat Hassan, reaffirmed the institution’s commitment to supporting health resilience in the region.

    “This program, approved by our Board in December 2023, represents a $500 million investment to support countries in Western and Central Africa in strengthening their capacity to prevent, detect, and respond to public health threats,” she said.

    She noted that the COVID-19 pandemic taught critical lessons and emphasised that the new initiative reflects a collective effort to ensure the region is better prepared for future health emergencies.

    According to her, the Health Security Program builds on more than a decade of World Bank engagement in the region, particularly following the 2014–2016 Ebola outbreak.

    She explained that although countries had made notable gains through earlier initiatives such as the Regional Disease Surveillance Systems Enhancement (REDISSE) project, significant gaps remain.

    “New threats like antimicrobial resistance, climate change, and deforestation require deeper investments and more integrated approaches,” she said.

    She outlined the program’s four strategic priorities: scaling up One Health interventions linking human, animal, and environmental health; strengthening cross-border collaboration and regional institutions; addressing neglected challenges such as gender inequity and antimicrobial resistance; and aligning health security efforts with broader health system development goals.

    “This program is not just about funding, it is about transforming how we work, through shared learning, coordinated action, and resilient systems.

    “The learning agenda prioritises peer-to-peer exchange, helping us transform knowledge into regional public goods,” she said.

    Providing further details about the structure of the program, she added that it is a regional initiative aimed at preventing, detecting, and managing disease outbreaks across West and Central Africa.

    “Currently, three countries and WAHO are participating in the first phase, and we anticipate additional countries from the Sahel and Central Africa joining soon. Discussions are ongoing.

    “This is a seven-year operation. Over time, more countries will come on board, building a broader coalition of coordinated public health actors across the region.

    “The goal is to improve cross-border disease surveillance, coordination, and laboratory capacity, ensuring that countries are not only able to respond effectively to outbreaks, but also maintain essential health services during emergencies.

    “At the end of this program, we expect to see stronger systems both within and between countries, better surveillance at points of entry, more reliable lab networks, and enhanced emergency preparedness that protects lives and livelihoods.”

    Director General of the Nigeria Centre for Disease Control and Prevention (NCDC), Dr. Jide Idris, who represented the Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, described health security as a regional necessity that demands collective action.

    “Health security is not just a national priority, it is a regional imperative..We are responding to multiple outbreaks, from Lassa fever and meningitis to cholera and COVID-19. We cannot tackle these alone. Collaboration and knowledge exchange are critical.”

    Dr. Idris highlighted Nigeria’s journey, recalling that in 2017, the country scored 39 percent in the Joint External Evaluation (JEE) for health security readiness.

    “By 2023, this improved to 54 percent, largely due to the implementation of the National Action Plan for Health Security (NAPHS). A second version of the plan, NAPHS 2 (2025–2030), is now in development with a focus on strengthening sub-national capacities.

    Read Also: WAHO rallies Nigerian firms, four others to manufacture COVID vaccines

    “Nigeria’s approach spans emergency preparedness, surveillance, laboratory systems, and the One Health agenda. Our efforts are backed by partners like the US CDC, UKHSA, JICA, and Resolve to Save Lives. But we need sustainable financing, which is why this World Bank-supported program is timely.”

    He emphasised that no country can stand alone in confronting global health threats, noting, “We’ve learned hard lessons from past outbreaks like Ebola and COVID-19.

    “Today, we’re managing Lassa fever, meningitis, cholera, and others. COVID-19 hasn’t gone away, and new threats like the Marburg virus could strike at any time. We have to be ready.

    “No country can stand alone. Cross-border threats require joint action. That’s the essence of this health security initiative: training participants from across the region in surveillance, preparedness, lab diagnostics, antimicrobial resistance, infection prevention, and emergency response.

    “We cannot afford to work in silos. These threats don’t respect borders. If we don’t cooperate and build regional capacity together, we won’t be able to mount effective responses.

    “This program is about developing joint strategies, action plans, and the workforce needed to implement them. We are fortunate to have the support of the World Bank and other partners in building this essential regional capacity.”

  • World Bank projects three-year steady economic growth for Nigeria

    World Bank projects three-year steady economic growth for Nigeria

    The World Bank yesterday gave a positive verdict on Nigeria’s economic growth trajectory, highlighting three years of unbroken progress.

    In its Global Economic Prospects for June, the bank predicted that Nigeria will have three-year unbroken growth records at 3.6 per cent in 2025, 3.7 per cent in 2026 and 3.8 per cent in 2027.

    It, however, slashed its global growth forecast for 2025 by 0.4 percentage points to 2.3 per cent.

    It said higher tariffs and heightened uncertainty posed a “significant headwind” for nearly all economies.

    In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70 per cent of all economies – including the United States, China and Europe, as well as six emerging market regions – from the levels it projected just six months ago before U.S. President Donald Trump took office.

    The bank stopped short of forecasting a recession but said global economic growth this year would be its weakest outside of a recession since 2008.

    By 2027, global gross domestic product growth was expected to average just 2.5 per cent, the slowest pace of any decade since the 1960s.

     The report forecast that global trade would grow by 1.8 per cent in 2025, down from 3.4 per cent in 2024 and roughly a third of its 5.9 per cent level in the 2000s.

    The forecast is based on tariffs in effect as of late May, including a 10 per cent U.S. tariff on imports from most countries.

    It excludes increases announced by Trump in April and then postponed until July 9 to allow for negotiations.

    The bank said global inflation was expected to reach 2.9 per cent in 2025, above pre-COVID levels, given tariff increases and tight labour markets.

    “Risks to the global outlook remain tilted decidedly to the downside,” the bank wrote.

    It said its models showed that a further 10-percentage-point increase in average U.S. tariffs, on top of the 10 per cent rate already implemented, and proportional retaliation by other countries, could shave another 0.5 percentage point off the outlook for 2025.

    Read Also: NASS to initiate Bill to swear-in President-elect in Legislative Chamber

    According to the World Bank, growth in Sub-Saharan Africa is projected to strengthen to 3.7 per cent in 2025 and an average of 4.2 per cent in 2026- 27, assuming the external environment does not deteriorate further, inflation declines as expected, and regional conflicts subside.

    It said despite weakening growth among emerging markets and developing economies (EMDEs) globally, the region is one of two expected to see growth acceleration in the forecast period.

    However, this projected growth remains below the region’s long-term average and is insufficient to make substantial progress in reducing extreme poverty. Growth forecasts have been revised downward by 0.4 percentage points for 2025 and 0.2 percentage points for 2026.

    The regional outlook has deteriorated following worsening global conditions amid the rise in trade barriers, heightened policy uncertainty, and weakening confidence.

    The outlook for Sub-Saharan Africa is also affected by global spillovers from these shocks, primarily through lower global commodity demand.

    The baseline projections assume current tariffs as of late May will remain in place throughout the forecast period.

    The regional outlook also depends on a gradual easing of monetary policy interest rates within the region, which should support private consumption and investment.

    The World Bank Group’s Chief Economist and Senior Vice President for Development Economics, Indermit Gill, said that outside of Asia, the developing world is becoming a development-free zone.

    “Growth in developing economies has ratcheted down for three decades—from six per cent annually in the 2000s to fice per cent in the 2010s—to less than four per cent in the 2020s,” Gill said.

    The World Bank’s Deputy Chief Economist and Director of the Prospects Group, Ayhan Kose, said emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict.

    “The smartest way to respond is to redouble efforts on integration with new partners, advance pro-growth reforms, and shore up fiscal resilience to weather the storm,” he said.

    The report argues that in the face of rising trade barriers, developing economies should seek to liberalise more broadly by pursuing strategic trade and investment partnerships with other economies and diversifying trade, including through regional agreements.

  • NBS seeks World Bank support for 2026 natural data collation

    NBS seeks World Bank support for 2026 natural data collation

    The National Bureau of Statistics (NBS) has appealed to the World Bank for support in the 2026 natural data collation exercise, warning that the success of the 2025 effort hinges on the completion of an ongoing collaboration with the international financial institution.

    Dr. Baba Madu, Head of the National Accounts, Energy, and Environment Department at NBS, made the appeal at the 2025 Natural Capital Accounting Conference in Abuja. 

    The event was held in partnership with the World Bank and the Global Program in Sustainability.

    Dr. Madu explained that the NBS is currently developing a comprehensive database that integrates environmental indicators and components into national statistics for more effective natural resource accounting.

    “We also compile natural resource accounts, which provide the public with a clear snapshot of the country’s natural assets and their economic value,” he said. 

    He added that Nigeria is in the process of compiling its first greenhouse gas emissions account and land use statistics, with plans underway to initiate forest account compilation.

    “We need to improve the quality of our work, which is why we are expanding our focus to cover nature comprehensively,” Madu emphasized.

    Read Also: FG to World Bank: Economic reforms on track, revenues up, debt down

    Also speaking at the conference, Vinay Vuturu, Program Leader for Sustainable Development at the World Bank, stressed that without a robust natural accounting system, Nigeria will lag behind globally.

    “The goal is to mainstream and institutionalize natural capital accounting so it becomes a core responsibility of the Ministry of Environment and other MDAs,” Vuturu said.

    He noted that the initiative must be made sustainable to ensure its continuity even after the World Bank’s support concludes.

    The 2025 conference aims to achieve two key objectives: establishing a national natural occurrence system and developing ecosystem accounts for two pilot states.

  • FG to World Bank: Economic reforms on track, revenues up, debt down

    FG to World Bank: Economic reforms on track, revenues up, debt down

    The Federal Government has assured the World Bank that its economic reform agenda is firmly on track and already yielding encouraging results. 

    Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, gave this assurance in Abuja on Monday during a courtesy visit by the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis.

    Speaking at the meeting, Senator Bagudu noted that the reforms being pursued by the current administration are beginning to reflect positively in key economic indicators, particularly in the significant rise in revenues accruing to state and local governments and a marked reduction in national debt.

    Bagudu expressed appreciation to the World Bank for its ongoing support to Nigeria’s reform efforts, describing the recently released Nigeria Development Update (NDU) as credible documentation of the country’s economic progress. 

    He said the report offers independent validation of the direction and impact of the government’s policy choices.

    “Our ambition is to grow the Nigerian economy to $1 trillion. To achieve that, we need to craft and implement a strategy capable of delivering double-digit economic growth,” the Minister said.

    He added that the reform programme enjoys broad-based acceptance among critical stakeholders, including the political class, labour unions, and the private sector. 

    Read Also: APC governors: World Bank, IMF’s assessment vindicates Tinubu

    According to him, this level of cooperation is essential for sustaining reforms and building momentum for structural transformation.

    “We are confident that we will stay on course,” Bagudu said, adding that the administration remains focused on unlocking the full potential of the Nigerian economy.

    Earlier in his remarks, the new World Bank Country Director for Nigeria, Mr. Matthew Verghis, reflected on lessons from other developing economies. He noted that India faced similar economic challenges in the early 1990s but undertook tough decisions that laid the foundation for over three decades of sustained economic growth, lifted millions out of poverty, and delivered a major turnaround for the country.

    Verghis expressed the Bank’s readiness to partner with Nigeria in advancing its development objectives, particularly in accelerating economic growth, creating jobs, deepening financial inclusion, and supporting agricultural transformation.

    He stated that the World Bank is committed to contributing both technical expertise and financial resources to help Nigeria achieve inclusive and sustainable development.

    Before his current posting to Nigeria, Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank. His previous assignments also included stints as Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, covering China, Vietnam, and Southeast Asia.

  • 2025 Hajj: Lagos airlifts 1,062 pilgrims to Saudi Arabia 

    2025 Hajj: Lagos airlifts 1,062 pilgrims to Saudi Arabia 

    In continuation of the ongoing airlifting exercise, the Lagos State Muslim Pilgrims Welfare Board on Thursday, airlifted 291 intending pilgrims to the Kingdom of Saudi for the 2025 Holy pilgrimage exercise. 

    The third flights bring the total of state’s contingents to the Holy Land to 1,062 so far.

    The flight has on board some members of the Central Working Committee (CWC) for 2025 Hajj operations, medical personnel and coordinators among other officials.

    Commissioner for Home Affairs/Amir-ul-Hajj, Olanrewaju Ibrahim Layode, announced at a one-day Seminar held at De-Blue Roof last Sunday, that a total of 1,432 intending pilgrims would embarked on the sacred journey from the State.

    Read Also: 2025 Hajj: NAHCON airlifts over 8,819 pilgrims

    While addressing the intending pilgrims before departure, the Amir-ul-Hajj reminded them of the largesse promised them by Governor Babajide Olusola Sanwo-Olu concerning their welfare.

    He stressed that necessary steps have been taken to fulfill the promises which included payment for their Ihram clothing, Hadiya (sacrificial ram), Ziyarah (visitation to historical sites both in Makkah and Madinah), amongst others. 

    He also led the distribution of the 500 US dollars Basic Travel Allowance (BTA) to each of the intending pilgrims aboard the flight at the airport, saying that the distribution of the BTA was a sign that other promises made by the Governor would be fulfilled. 

    Layode urged them to remember our beloved country Nigeria, President Bola Ahmed Tinubu, Governor Babajide Olusola Sanwo-Olu and his deputy, Dr. Kadri Obafemi Hamzat whilst praying for themselves and their families. 

    According to the schedule for the airlifting exercise, Lagos State will have a break on today (Friday).

  • APC governors: World Bank, IMF’s assessment vindicates Tinubu

    APC governors: World Bank, IMF’s assessment vindicates Tinubu

    …says president’s performance has silenced opposition

    Governors elected on the platform of the All Progressives Congress (APC) have declared that President Bola Ahmed Tinubu’s performance over the past two years has not only silenced opposition critics but also earned commendation from the international community.

    The governors, under the aegis of the Progressive Governors Forum (PGF), gave this assessment after an expanded meeting with members of the party’s National Working Committee (NWC) and some Federal Executive Council members on Wednesday night in Abuja.

    Speaking to reporters after the meeting, PGF chairman and Imo State Governor, Senator Hope Uzodinma, said that despite early criticism of the President’s reform policies, international institutions have validated Tinubu’s leadership through their positive evaluations.

    According to Uzodinma, “We are here to put heads together to congratulate ourselves and congratulate Nigeria on the recent developments. You know at the beginning of this administration, when the President started with the reforms, the opposition was very loud in criticizing the policies of the government.

    “But today, Mr. President is being vindicated. Gradually, international organizations like World Bank, IMF, are now beginning to commend the administration of President Bola Tinubu for taking bold decisions on embarking on a reform-driven government.”

    The Governors commended the resolence of the President for remaining focused despite spirted efforts by the opposition to distract the administration.

    He then assured the President and the ruling party that all the governors would continue to garner support of Nigerians for the administration to enable the President continue to serve and lead the country to prosperity and massive development. 

    Read Also: FULL LIST: APC candidates, running mates for Lagos council poll

    The PGF Chairman also said the governors resolved to coordinate and encourage the members of the Party, despite all distractions, to continue to support the government of Tinubu and putting together on how best to serve Nigeria better as a political party. 

    According to him, “we have a responsibility as a party to provide support for the administration of this courageous and bold man (Tinubu)who has come to serve Nigeria.”

    Speaking on the same vein, the Minister of Information and National Orientation, Mohammed Idris who said the meeting ended well, was full of admiration for the administration for transforming the country and moving it out of the woods.

    “We feel happy to say that the government of APC has done so well. We have a lot to showcase. And we have all agreed that leading up to the midpoint of this administration, we will enlighten Nigerians more about what government is doing. 

    “We will also take feedback from Nigerians so that we can do even better. The APC family is a very big one. And it is not out of place for all of us to come together once again to look at what we have done in the last two years and project also where we are going in the future.”

    Assuring Nigerians of a better future under the present administration, the Minister said, “We are happy with where we are going. We know that there have been some challenges here and there, but we also know that we are in the right direction and God willing, Nigeria will get on for it. 

    The meeting was attended bt Governors Babajide Sanwo-Olu (Lagos), Mohammed Nasir Idris (Kebbi), Dapo Abiodun (Ogun), Monday Okpebholo (Edo), Sheriff Oborevwori (Delta), Hyacinth Alia (Benue) and Usman Ododo (Kogi). 

    The National Working Committee (NWC) was led to the meeting by the National Chairman, Dr. Abdullahi Ganduje while the cabinet members were Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN); the Ministers of Aviation and Aerospace Development Festus Keyamo (SAN); and Information and National Orientation, Mohammed Idris.

  • Fed Govt, World Bank’s partnership recovers 178,000hectares of degraded land

    Fed Govt, World Bank’s partnership recovers 178,000hectares of degraded land

    The Federal Government of Nigeria, through the Agro-Climatic Resilience in Semi-Arid Landscape Project (ACReSAL), a World Bank-supported initiative, has successfully recovered over 178,000 hectares of degraded land across 19 northern states affected by climate change.

    National Project Coordinator for ACReSAL, Abdulhamid Umar, disclosed this while speaking to reporters on the sidelines of a five-day retreat in Lagos. He said reclaiming 178,235 hectares out of the one million target for six years is a significant achievement toward restoring one million hectares of arable land in the region.

    “This project, supported by the World Bank, addresses severe climate change challenges, particularly the encroaching Sahara desert and land degradation in the 19 northern states. Our efforts aim to reverse land infertility caused by natural and human factors in a region with increasingly erratic rainfall,” Umar stated.

    He elaborated on the broader impact of ACReSAL: “Our interventions, including dryland management, community-driven climate resilience activities, and agricultural support, have led to bumper harvests and improved livelihoods for over one million direct beneficiaries in just three years, with over 10 million indirect beneficiaries.”

    Looking ahead, Umar addressed project sustainability beyond its initial six-year funding cycle: “Our strategy includes community ownership, establishing legal frameworks at the state level, and infrastructure development to ensure longevity.”

    Read Also: Federal Government showcases economic gains, investment prospects at IMF/World Bank meetings

    Task Team Leader for ACReSAL and Senior Environmental Specialist at the World Bank, Dr. Joy Iganya Agene, underscored the project’s impact, stressing that ACReSAL represents a significant stride in Nigeria’s efforts to build climate resilience and restore degraded landscapes.

    “The progress made demonstrates the effectiveness of strategic planning and land preparation,” Dr. Agene explained, adding that ACReSAL is optimistic about achieving 60-70pe cent recovery of the targeted one million hectares in the coming year.

    Both Umar and Dr. Agene emphasized the strong commitment and collaboration from the Federal Government and state governors.

  • Economy recorded fastest growth in 2024, says World Bank

    Economy recorded fastest growth in 2024, says World Bank

    Nigeria’s economy recorded its fastest growth in about a decade in 2024, the World Bank said yesterday, alluding to early gains of macroeconomic reforms by the President Bola Tinubu’s administration.

    World Bank’s Lead Economist for Nigeria, Alex Sienaert, pointed out Federal Government’s improved fiscal position, driven by reforms in key areas of petroleum, foreign exchange and power.

    He however cautioned that persistently high inflation remains a challenge.

    Sienaert spoke in Abuja at the unveiling of the Nigeria Development Update (NDU) report titled “Building Momentum for Inclusive Growth”.

    He commended the Nigerian government for implementing macroeconomic reforms that have stabilized the economy.

    The World Bank report indicated that Nigeria’s Gross Domestic Product (GDP) recorded 4.6 per cent year-on-year growth in fourth quarter 2024, bringing the economic growth for 2024 to 3.4 per cent, the highest since 2014.

    The country’s fiscal deficit also reduced from 5.4 per cent of GDP in 2023 to 3.0 per cent of GDP in 2024, on the back of significant increase in national revenue, which rose from N16.8 trillion in 2023 to N31.9 trillion in 2024.

    The World Bank expects Nigeria’s economy to grow 3.6 per cent this year.

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    Sienaert said the Nigerian economy has continued to expand in early 2025 based on high-frequency business indicators.

    He listed bold reforms implemented by President Tinubu to include ending costly petrol subsidies, slashing electricity allowances and twice devaluing the naira currency, as contributing to upward pressure on prices.

    He pointed out that more efforts are needed to ensure that the economic growth is inclusive, particularly through expanding cash transfer programmes for the vulnerable populations in the country.

    He noted that Nigeria’s foreign exchange reforms have created a market-reflective, unified and stable exchange rate, allowing the central bank to rebuild official reserves, now exceeding $37 billion.

    “That’s significant because this is the cushion the economy has against external volatility,” Sienaert said.

    He however pointed out that international experience shows that the public sector alone cannot generate sustainable economic growth and jobs.

    He stressed that public resources remain limited and that a successful strategy for Nigeria would involve positioning the public sector to both provide essential services—such as human capital development and infrastructure—and create an enabling environment for the private sector to thrive.

     “Nigeria is no exception, particularly since public resources remain constrained. A useful strategy is to position the public sector to play a dual role as a provider of essential public services, especially to build human capital and infrastructure, and as an enabler for the private sector to invest, innovate, and grow the economy,” Sienaert said.

    He noted that the full fiscal benefits of subsidy removal have yet to be realized, urging Nigerian authorities to maintain tight monetary and disciplined fiscal policies to contain inflation and ensure long-term economic stability.

    Sienaert said government revenue rose by 4.5 per cent of GDP last year, a “remarkable achievement” driven by the removal of foreign exchange subsidies, improved tax administration and higher remittances.

    Acting World Bank Country Director for Nigeria, Taimur Samad said Nigeria has made impressive strides in restoring macroeconomic stability and now in better position to accelerate growth and stability.

    “With improvements in the fiscal position, Nigeria now has a historic opportunity to enhance development spending, focusing more on human capital, social protection, and infrastructure. The allocation of public resources can begin to shift away from past unsustainable practices and instead address Nigeria’s large development needs, with the government playing a crucial role in providing basic public services and enabling private sector-led growth,” Samad said.

    The World Bank envisaged that Nigeria’s economy needs to grow at a rate five times faster than its current pace to achieve the $1 trillion target by 2030 as well as address the country’s rising poverty levels.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underlined government’s commitment to macroeconomic stability.

    He noted that macroeconomic stability is crucial, while pointing out government’s efforts at restoring transparency in the oil sector.

    “We need to push for transparency in the oil sector, which is key to achieving our economic goals. Investment plays a critical role in creating jobs, and we must maintain the momentum to attract more investments into the country,” Edun said.

    He underscored ongoing efforts to digitalize social safety nets and ensure that cash transfer programmes reach those who need them the most.

    He appreciated World Bank’s support and recognition of Nigeria’s progress.

    Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, who addressed the role of the apex bank in safeguarding economic stability, particularly in the foreign exchange market, assured that the bank is committed to stable policy execution.

    He said: “We will continue to protect the economy. With that comes a need to be proactive”.

    Cardoso expressed confidence that the ongoing policies will lead to a moderation of inflation and interest rates over time.

    He also stressed the importance of financial inclusion, noting that the CBN is committed to supporting the fintech sector and improving access to finance for all Nigerians.

    The World Bank’s NDU report then noted the urgent need for Nigeria to accelerate its economic growth to meet its aspirations of a $1 trillion economy by 2030. The report stated that this can only be achieved by rebalancing the growth composition toward more productive sectors that create jobs and opportunities for the poor and economically insecure.

    While sectors like finance and information and communication technology (ICT) have been key drivers of economic growth, they do not provide mass employment opportunities, as many Nigerians lack the skills to participate in these industries.

    The World Bank then proposed a growth strategy led by the private sector but facilitated by the public sector. Critical to this strategy is addressing infrastructure gaps—particularly in electricity and transportation—and fostering a competitive business environment that encourages market openness. Improving access to finance for new and existing businesses and refining policies in key sectors will also help unlock economic potential.

    Despite these positive developments, inflation remains high but is projected to decrease to an annual average of 22.1 per cent in 2025, aided by a continued tight monetary policy stance.

    The World Bank report stressed the need for deeper, wider structural reforms to consolidate macroeconomic stability and ignite inclusive growth. It further noted the importance of generating better jobs at scale to reduce poverty.

    Dignitaries at the unveiling event also included Minister of Communications and Digital Economy, Bosun Tijani; Minister of Budget and Economic Planning Abubakar Bagudu; Plateau State Governor, Caleb Mutfwang and Managing Director, UAC Foods, Oluyemi Oloyede among others.