Tinubu to World Bank: No retreat on reforms

President Bola Tinubu has assured a World Bank delegation led by Managing Director of Operations, Anna Bjerde, that Nigeria’s economic reforms are irreversible. He described the measures as necessary to unlock the nation’s potential, especially given its youthful population and vast arable land.

Speaking at the State House after a briefing from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and Vice President Kashim Shettima, Tinubu welcomed the team. “It's just a joy for me to come back meet with you again,” he said, adding, “Since we have gone into this tunnel of reform, we have our hands on the power and we're never going to look back.”

The President acknowledged the early difficulties of the policies. “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 said, describing Nigeria as “the heart of the continent” that must act decisively.

Tinubu identified agriculture as a priority, stressing mechanisation. “Looking at faster area of arable lands, how do we employ mechanization and make agriculture easier? I have embarked on that. There had been mechanization centers to help the farmers working on the seedings that will enhance their program,” he said, urging the Bank to support “in any way on the seedings.”

He linked this to industrial development. “I know now that our petrochemical industry is getting good output. So how do we help the farmers. For fertilizers to improve their yields and move them from ordinary, small scale holders to huge cooperative farmers that can bring opportunity to Nigerians,” he stated.

Reaffirming accountability, Tinubu said reform would continue. “Reform is a continuous exercise. We're not looking back transparency, accountability and change,” he said. He added, “In multiple exchange, give it up! Let the world and the country benefit from a stable currency.”

On outcomes, he noted improvements. “Yes, the first reaction was the high inflation, but it's come down dramatically. The Naira is stable. Today, we can help various investors, with ease of the business,” he said, while calling for flexible financing and faster processes. “Your partnership with us is very important please accelerate that.”

Bjerde commended Nigeria’s consistency. “Nigeria is a frequent example in my discussions because the results are really commendable,” she said. She noted the World Bank’s focus on jobs, infrastructure, agriculture, SMEs and human development, adding, “I'm very bullish on this continent 40% will be African and Nigeria is always top of my mind.”