Tinubu to World Bank: No retreat on reforms

By Johnbosco Agbakwuru

President Bola Tinubu has assured a World Bank delegation led by Managing Director of Operations Anna Bjerde that Nigeria’s bold economic reforms are irreversible, framing them as essential for harnessing the nation’s vast potential amid its youthful population and arable lands.

Speaking at the State House after a briefing by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Vice President, Senator Kashim Shettima, President Tinubu expressed delight at the reunion.

“It’s just a joy for me to come back and meet with you again,” he said. He doubled down on the reform trajectory: “Since we have gone into this tunnel of reform, we have our hands on the power, and we’re never going to look back.”

Tinubu acknowledged the initial hardships but drew a stark lesson in resilience. “It is very clear that initially it was painful, difficult, but those who win are not the ones who give up on their way in the difficult times,” he declared, positioning Nigeria as “the heart of the continent” that must act decisively.

He said agriculture is the key focus,  highlighting mechanization drives already underway.

According to the President: “Looking at faster areas of arable lands, how do we employ mechanization and make agriculture easier? I have embarked on that. There had been mechanization centers to help the farmers working on the seedings that will enhance their program,” he noted, inviting World Bank support: “Whichever way World Bank can come in on the seedings.”

He linked this to industrial synergies, citing progress in petrochemicals. “I know now that our petrochemical industry is getting good output. So, how do we help farmers reach the local market? For fertilizers to improve their yields and move them from ordinary, small-scale holders to huge cooperative and confidential farmers that can bring opportunity to Nigerians.”

Reaffirming commitment, Tinubu stressed continuity. “The renaming assurances are for me to assure you that reform is a continuous exercise. We’re not looking back, transparency, accountability, and change are dynamics in business orientation and the principle of accountability.”

He reflected candidly on past temptations: “It was difficult for a leader to look the other way in any corrupt environment for an opportunity that can give him the fortune of money in a subsidy regime, No. In multiple exchanges, give it up! Let the world and the country benefit from a stable currency.”

Tinubu touted tangible gains. “And yes, the first reaction was the high inflation, but it’s come down dramatically. The Naira is stable. Today, we can help various investors with ease of doing business in and out of the country.”

While calling for deeper collaboration, he challenged the World Bank to look at various options of financing model especially with Nigeria’s huge population in Africa.

“Your Partnership with us is very important to me, in any way that we can cut bureaucracy and push the risk and develop the skills of our people. It is why I’m seeing you this afternoon to please accelerate that. You are very welcome at any given time.”

Also speaking, the Managing Director of Operations at the World Bank, Anna Bjerde, commended Nigeria’s leadership for its steadfast reforms over the past two years, highlighting them as a frequent example in global discussions.

“Nigeria is a frequent example in my discussions with people around the world, presidents around the world, policymakers around the world, investors around the world, because I think in these two years, the results that have been achieved are really commendable.”

She praised the steady communication of the reforms’ importance, noting it builds confidence:

She said: “You’ve been very steady, and it has been very noted, and from time to time, quoted by me as well. This resolve, even amid challenges, has delivered strong results, echoed by private sector feedback in Lagos.”

She said the World Bank aligns its Country Partnership Framework (CPF) with Nigeria’s vision of a $1 trillion GDP and 7% growth under Ajay Banga’s leadership.

The key focus areas she stated include job creation to harness Africa’s demographic boom:

“I’m very bullish on this continent. It’s the only continent in the world that has a rising population—in 2051, 40% will be African, and 40% of those will be young people.”

Infrastructure gaps, agriculture scaling via mechanization and value chains, SME financing, and human development—especially early childhood development to combat stunting—form the core strategy, blending public and private solutions.

The World Bank’s partnership offers a comprehensive package: $17 billion in IDA/IBRD public financing, $5 billion annually from IFC for private-sector mobilization, and expanded MIGA guarantees from over $500 million.

“What you will see from our side is that it needs to be absolutely resonating with you and the people of Nigeria as the World Bank, being a close partner.”

“Nigeria is always top of my mind” when asked which African country to track.

Vanguard News

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