Tinubu Tells World Bank Delegation There will be no Reversal of Reforms.

President Bola Tinubu on Tuesday affirmed that his administration will not reverse its economic reforms, pledging continued transparency and accountability in governance.

He made the remarks while receiving a World Bank delegation led by Managing Director of Operations, Anna Bjerde, at the State House in Abuja. Tinubu acknowledged that the reforms were initially difficult but stressed they were necessary to strengthen Nigeria’s economy and expand opportunities for the country’s youth.

“Since we embarked on this journey of reform, we have kept our hands on the plow, and we are never going to look back. It was painful and difficult at the start, but those who persevere through challenges ultimately succeed,” Tinubu said.

He highlighted the importance of transforming Nigeria’s economy through agricultural mechanisation and support for farmers, calling on the World Bank to assist with establishing mechanisation centres, expanding seedling programmes, and improving access to locally produced fertilisers as the petrochemical industry grows.

The President noted that difficult decisions, such as ending the fuel subsidy and unifying the exchange rate, were essential despite causing initial inflationary pressures. “We abandoned subsidies and multiple exchange rates to create a stable currency. The initial inflation spike has now eased, and the naira is stable today,” he said.

Tinubu urged the World Bank to explore financing solutions that accelerate growth, reduce intermediaries, manage risk, and develop Nigerians’ skills. “How can we accelerate growth together, build skills, and reduce friction in the system?” he asked.

In response, Bjerde praised Tinubu’s steadfast implementation of reforms over the past two years, describing the outcomes as “remarkable and commendable.” She said Nigeria has become a frequent example in her discussions with international leaders, investors, and policymakers.

“Many countries slow down or reverse reforms in difficult times, but Nigeria has remained steady, giving confidence and clarity,” Bjerde said.

She highlighted that under World Bank President Ajay Banga, the institution aligns its strategies with member countries’ national visions, using Nigeria’s $1tn GDP target and seven per cent growth goal as a framework for support. She emphasised job creation as central, noting Africa’s growing population will require 600 million additional jobs by 2050.

Bjerde also highlighted infrastructure development as a priority, citing Nigeria’s relatively low infrastructure spending per GDP and the need for both public and private solutions. She praised agricultural innovations and pledged support to scale them through mechanisation, cooperatives, and value chain integration.

Addressing the financing gap for small and medium-sized enterprises, she noted these businesses are vital for job creation but often struggle to access funding. She also commended Nigeria’s early childhood development and stunting-reduction strategies as potential entry points for World Bank support.

Bjerde disclosed that the World Bank’s public sector portfolio in Nigeria totals about $17bn, while the International Finance Corporation has expanded private sector operations to roughly $5bn annually. The Multilateral Investment Guarantee Agency provides over half a billion dollars in risk guarantees and insurance, with plans to expand.

She revealed that a new Development Policy Operation is being prepared to support Nigeria’s budget in line with the government’s reform agenda. “Your reform-oriented approach makes this the perfect instrument, linking our support directly to your policy goals,” she said.

Bjerde concluded by noting Nigeria’s strong position internationally as a model for reform and private sector development, highlighting the importance of digital initiatives for youth employment. “Nigeria is consistently top of mind when international observers and investors look at Africa,” she said.