World Bank Group Praises Nigeria's Reforms

The World Bank Group, represented by its Managing Director of Operations Anna Bjerde, commended Nigeria's President Bola Tinubu for his administration's consistent and impactful economic reforms over the past two years. Nigeria is now frequently cited globally as a reference point for successful reform implementation. The reforms, including fuel subsidy removal and exchange rate unification, initially caused inflation but have led to stabilization and improved investor sentiment. The World Bank Group's forthcoming Country Partnership Framework will align with Nigeria's vision of a $1 trillion economy and 7% growth, focusing on job creation, infrastructure, agriculture modernization, and access to finance for SMEs. The World Bank Group Group, through its institutions like the World Bank Group===International Finance Corporation, International Development Association, and International Bank for Reconstruction and Development, reaffirmed its commitment to supporting Nigeria's development goals with a public sector portfolio of about $17 billion and annual IFC investments of $5 billion.