President Bola Tinubu has appealed to the World Bank for support in advancing Nigeria’s ongoing economic reforms, with particular emphasis on agriculture, youth employment, and private sector expansion, as part of efforts to strengthen the economy and widen opportunities for citizens.
The President made the call on Tuesday while hosting a World Bank delegation led by its Managing Director of Operations, Anna Bjerde, at the State House in Abuja.
“Since we went into this tunnel of reform, we have our hands on the power and we’re never going to look back. Initially, it was painful and difficult, but those who win are not the ones who give up in difficult times,” Tinubu said.
He stressed that mechanisation and modernisation of the agricultural sector are critical to boosting productivity and unlocking opportunities for Nigeria’s large youth population.
“We have mechanization centers to help farmers with improved seedings and fertilizers to enhance their programs. The goal is to move farmers from small-scale holders to large cooperatives that can create opportunities for Nigerians,” he explained.
Tinubu also identified the petrochemical industry and other local sectors as key areas where the government is working to raise output and strengthen domestic markets, adding that reforms must be continuous and anchored on transparency, accountability, and stability.
“The first reaction to reforms was high inflation, but it has come down dramatically, and the Naira is now stable. We want to help investors operate with ease, reduce bureaucracy, and develop the skills of our people,” he said.
Anna Bjerde praised the Tinubu administration for maintaining a consistent and measured reform agenda over the past two years, noting that Nigeria has emerged as a global reference point for reform implementation, which has boosted confidence among investors and policymakers.
“The results achieved in the last two years are commendable. Your steady communication of the importance of reforms has given confidence and clarity, and there is no turning back,” Bjerde said.
She underscored the need for job creation, especially for young people, pointing out that Africa’s youth population is expanding rapidly and that small and medium-sized enterprises play a central role in generating employment.
“Agriculture is a huge part of the economy and a major employer. Innovations in mechanization, cooperatives, value-chain development, and infrastructure can be scaled to create more opportunities,” Bjerde said.
Bjerde further outlined the World Bank’s financial commitments to Nigeria, including $17 billion in public sector financing, $5 billion in private sector support through the International Finance Corporation, and investment guarantees of more than $500 million.
She explained that these funding instruments align with Nigeria’s reform priorities in areas such as trade, digital development, and inflation control, aimed at stimulating private sector growth and improving human development outcomes.
“We want to work with Nigeria to accelerate growth, improve access to finance for SMEs, and support early childhood development as part of a comprehensive human development strategy,” she added.
The engagement highlighted Nigeria’s drive to secure international support for key reforms, particularly in sectors that directly influence youth employment, food security, and overall economic development.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
