Tinubu says reforms won’t be reversed as World Bank pledges support for jobs, agriculture mechanisation, SMEs, and infrastructure growth
President Bola Tinubu on Tuesday declared that his administration would not reverse course on its economic reforms, insisting that the difficult decisions taken were necessary to stabilise Nigeria’s economy and create opportunities for its growing youth population.
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Tinubu spoke at the State House, Abuja, while receiving a World Bank delegation led by the Managing Director of Operations, Anna Bjerde.
“Since we went into this journey of reform, we have our hands on the plow, and we’re never going to look back,” the President said.
He acknowledged that the reforms were initially painful but maintained that perseverance was crucial to long-term gains.
“It is very clear that initially it was painful and difficult, but those who win are not those who give up along the way in their difficult times,” he added.
Tinubu emphasised the need to transform Nigeria’s economy through agricultural mechanisation, improved seedling programmes, and better access to locally produced fertilisers as domestic petrochemical output rises.
He called on the World Bank to support the establishment of mechanisation centres to help farmers move from small-scale operations into cooperatives and commercial farming.
“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 cooperatives and commercial farmers that can bring opportunity to Nigerians?” he asked.
The President defended key policy decisions, including the removal of fuel subsidies and the unification of the exchange rate, saying they were necessary steps to curb corruption and stabilise the naira.
“We gave it up, let the world and the country benefit from a stable currency. And yes, the first reaction was high inflation, but it has come down dramatically. Naira is stable today,” Tinubu said.
He urged the Bank to explore financing options that would accelerate growth, reduce intermediaries, manage risks, and build local capacity.
In her remarks, Bjerde commended Tinubu’s consistency in pursuing reforms, describing the progress made in two years as “remarkable and commendable.”
She noted that Nigeria has become a reference point in her discussions with global leaders and investors due to the clarity and steadiness of its reform direction.
“Even when reform implementation can be difficult, there is no turning back,” she said.
Bjerde disclosed that the World Bank’s strategy under its President, Ajay Banga, aligns with Nigeria’s ambition of achieving a $1tn GDP and a seven per cent growth rate.
She identified job creation as the central focus of the Bank’s engagement with Nigeria, noting that Africa would need 600 million additional jobs by 2050.
The World Bank official highlighted infrastructure investment, agriculture value chains, digital innovation, and financing for small and medium-sized enterprises as key areas for collaboration.
She said Nigeria’s early childhood development strategy and efforts to tackle stunting could also benefit from World Bank support.
Bjerde revealed that the Bank’s portfolio in Nigeria currently stands at about $17bn in public sector support, while the International Finance Corporation provides about $5bn annually for private sector projects.
The Multilateral Investment Guarantee Agency, she added, offers over half a billion dollars in risk guarantees, with plans to expand.
She disclosed that the Bank was preparing a new Development Policy Operation to support Nigeria’s budget, tied directly to the government’s reform agenda.
“Because you’re so reform-oriented, it’s the perfect instrument, because it’s your reforms and our support to the budget. So they go hand in hand,” she said.
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Bjerde added that Nigeria remains “top of mind” when global observers ask which African country to watch for economic transformation.
