Tinubu to World Bank: Economic reforms irreversible

By Johnbosco Agbakwuru

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

Speaking at the State House, after a briefing from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Vice President, Senator Kashim Shettima, President Tinubu expressed delight in the reunion. “It’s just a joy for me to come back meet with you again,” he said.

He doubled down on the reform trajectory, saying, “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, who acknowledged the initial hardships but drew a stark lesson in resilience, said: “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.”

While positioning Nigeria as “the heart of the continent” that must act decisively, the President said agriculture was the key focus, highlighting mechanisation drives already underway.

He said: “Looking at faster area of arable lands, how do we employ mechanisation and make agriculture easier? I have embarked on that. There had been mechanisation centres to help the farmers working on the seedings that will enhance their program. He invited World Bank support, saying, “whichever way, the World Bank can come in on the seedlings.”

He linked this to industrial synergies, pointing to petrochemical progress.

“I know now that our petrochemical industry is getting good output. So how do we help the farmers to convert local market? For fertilisers to improve their yields and move them from ordinary, small scale holders to huge cooperative and confidential farmers that can bring opportunity to Nigerians?’’ Tinubu queried.

Reaffirming his commitment, the President stressed continuity, adding that “the renaming assurances is for me to assure you that reform is a continuous exercise.

‘’We’re not looking back…transparency, accountability and change that are dynamics in business orientation and the principle of accountability.

“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, who touted tangible gains, said: “Yes, the first reaction was 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 skill of our people. It is why I’m seeing you this afternoon to please accelerate that. You are very welcome at any given time,’’ Tinubu said. Also speaking, the Managing Director, 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,’’ Bjerde said.

She praised the steady communication of the reforms’ importance, noting that it built confidence.
She said: “You’ve been very steady, and it has been very noted, and from time to time, quoted by myself as well. This resolve, even, amid challenges, has delivered strong results, echoed by private sector feedback in Lagos.”
She said the World Bank aligned 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, according to her, include job creation to harness Africa’s demographic boom.

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

According to her, infrastructure gaps, agriculture scaling via mechanisation 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 mobilisation, and expanding 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,’’ Bjerdi said.

Vanguard News Nigeria

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