World Bank Hails Tinubu’s Economic Reforms as Global Reference Point

The World Bank has commended President Bola Tinubu’s economic reform agenda, describing Nigeria as a frequent global reference for effective reform implementation and results.

Anna Bjerde, Managing Director of Operations at the World Bank, made the remarks on Tuesday while leading a delegation to meet the president at the State House, Abuja. She noted that Nigeria’s reforms over the past two years have been widely discussed among global leaders, policymakers, and investors.

“Nigeria is a frequent example in my discussions around the world because the results achieved in two years are really commendable,” Ms Bjerde said. She praised President Tinubu’s consistent communication on the necessity of reforms, adding that his steady leadership had built confidence despite challenges. “Even when reform implementation is difficult, there is no turning back. You are staying the course,” she added.

Feedback from Nigeria’s private sector, she noted, confirms strong reform outcomes and improving investor sentiment. On the bank’s forthcoming Country Partnership Framework, Ms Bjerde said it would align with Nigeria’s development vision of a $1 trillion economy and seven percent growth, with job creation as a central focus due to Africa’s growing youth population.

Key priority areas identified include infrastructure investment, agricultural modernization, and improved access to finance for small and medium enterprises. She highlighted Nigeria’s low infrastructure spending relative to GDP and stressed the need for innovative public-private partnerships.

Ms Bjerde also revealed that the World Bank’s public sector portfolio in Nigeria stands at about $17 billion, while the IFC invests around $5 billion annually. She added that a new reform-linked budget support operation is being prepared, alongside expanded risk guarantees to attract private capital. “Your reforms and our budget support go hand in hand,” she said.