President Bola Tinubu has reaffirmed to the World Bank that Nigeria’s bold economic reforms are irreversible, describing them as crucial for unlocking the nation’s potential amid its youthful population and abundant arable land. Speaking at the State House in Abuja during a meeting with the World Bank delegation led by Managing Director of Operations, Anna Bjerde, Tinubu highlighted agriculture and industrial development as key pillars of the reform agenda.
He emphasised the importance of mechanisation to boost agricultural productivity, citing ongoing initiatives to equip farmers with improved seeds and machinery. “How do we employ mechanisation and make agriculture easier? I have embarked on that. There had been mechanisation centres to help farmers on seeding that will enhance their program,” Tinubu said, inviting the World Bank’s collaboration in supporting these efforts. He also linked the initiative to Nigeria’s petrochemical industry, encouraging the development of local fertiliser production to increase yields and support large-scale farming cooperatives.
Acknowledging initial challenges, Tinubu reflected on the resilience required to push reforms, saying, “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 underlined the government’s commitment to transparency, accountability, and policy continuity, noting that the naira has stabilised and inflation is coming down, creating a favourable environment for investors.
For her part, Anna Bjerde commended Nigeria’s steadfast reform efforts over the past two years, describing the country as a frequent example in global policy discussions. She highlighted the World Bank’s alignment with Nigeria’s vision for a $1 trillion GDP and 7% growth, noting support for infrastructure, SME financing, human development, and agriculture mechanisation. The World Bank package includes $17 billion in public financing, $5 billion annually for private sector mobilisation through IFC, and over $500 million in expanded MIGA guarantees.
Bjerde concluded by stressing Africa’s demographic potential and the importance of partnerships to harness it, saying, “In 2051, 40% of the world will be African, and 40% of those will be young people.” Tinubu called on the World Bank to accelerate support and explore innovative financing models to empower Nigeria’s population and advance the reform agenda.
