President Bola Tinubu has declared that his administration will not reverse its sweeping economic reforms, insisting that the painful early impact was a necessary price for long-term stability and growth.
Speaking on Tuesday while receiving a World Bank delegation led by its managing director of operations, Anna Bjerde, at the State House in Abuja, Tinubu said his government remained committed to transparency, accountability and structural change, even amid widespread public pressure over the cost of living.
“Since we went into this journey of reform, we have our hands on the plow, and we’re never going to look back,” Tinubu said.
“It is very clear that initially it was painful and difficult, but those who win are not those who give up along the way in their difficult times.”
Tinubu argued that Nigeria, which he described as “the heart of the African continent”, had no choice but to undertake a fundamental economic reset, particularly through agricultural transformation. He urged the World Bank to support the establishment of mechanisation centres that would boost productivity, improve seedling programmes and expand access to locally produced fertilisers as Nigeria’s petrochemical sector scales output.
“How do we help the farmers to convert local market for fertilisers to improve their yields and move them from ordinary small-scale holders to huge cooperatives and commercial farmers that can bring opportunity to Nigerians?” he asked.
The president defended his decision to remove fuel subsidies and unify exchange rates – reforms that triggered sharp inflation and public backlash – saying they were necessary to dismantle corruption embedded in the old system.
“It was difficult for a leader to look the other way in any corrupt environment for an opportunity that can give a function of money in subsidy regime and multiple exchange rates,” he said.
“We gave it up, let the world and the country benefit from a stable currency.
“And yes, the first reaction was high inflation, but it has come down dramatically. Naira is stable today.”
Tinubu also pressed the World Bank to explore financing mechanisms that would accelerate growth, reduce reliance on intermediaries, manage investment risks and strengthen skills development for Nigeria’s growing population.
“What is the value of encouragement for an Africa that is taking this huge population on an assurance of prosperity?” he asked.
“How can you accelerate that growth in partnership with us?
“Any way that we can cut brokers and push the risk and develop the skill of our people is why I’m seeing you this afternoon.”
In her response, Bjerde praised Tinubu’s “steady direction” over the past two years, describing Nigeria’s reform trajectory as a model often cited in international conversations with policymakers and investors.
“In these two years, the results that have been achieved are really commendable,” she said.
“What I have particularly appreciated and followed is your steady direction that you communicate to the people of Nigeria, as well as outside of Nigeria … because that has given confidence and clarity that even when reform implementation can be difficult, there is no turning back.”
She said many countries often slow down or reverse reforms under political and economic strain, but Tinubu’s consistency had been widely noted abroad.
“Two years ago, you were very much at the launching stage, and here we are, two years later, with very strong results,” she said, adding that the private sector in Lagos had also spoken positively about the reforms during recent meetings.
Bjerde said the World Bank’s support under its president, Ajay Banga, was now aligned with national development visions, noting that Nigeria’s ambition of a $1tn GDP and a 7% growth rate provided a framework for engagement.
She identified job creation as the core of the Bank’s partnership with Nigeria, warning that Africa’s demographic boom was both a promise and a looming crisis.
“In 2051, one in four people will be an African, and 40 per cent of those will be young people,” she said. “Africa alone needs 600 million additional jobs by 2050.”
Infrastructure, she added, would be central to unlocking growth, pointing out that Nigeria spends relatively little on infrastructure as a share of GDP and would need a combination of public investment and private capital.
On agriculture, Bjerde praised Nigeria’s innovations and said the World Bank was prepared to support mechanisation, cooperative farming models and stronger value chains through roads, finance and technology.
She also highlighted the funding gap facing small and medium-sized enterprises, which she said account for 70% to 90% of global job creation but are often unable to access credit.
“The middle ones are a bit lost,” she said. “So that’s where the access to finance solutions we think we need to creatively work on together.”
Bjerde also pointed to human development priorities, commending Nigeria’s strategy to tackle child stunting and suggesting early childhood development as a possible entry point for expanded support.
She disclosed that the World Bank’s public sector portfolio in Nigeria now stands at about $17bn, making the country one of its largest clients, while the International Finance Corporation has expanded private sector operations to about $5bn annually. The Multilateral Investment Guarantee Agency, she added, currently provides just over half a billion dollars in guarantees and insurance schemes, with plans to increase coverage.
Bjerde said the institution was preparing a new Development Policy Operation to support Nigeria’s budget and reform programme.
“Because you’re so reform-oriented, it’s the perfect instrument, because it’s your reforms and our support to the budget. So they go hand in hand,” she said.
While acknowledging that inflation had eased, she said the Bank recognised reforms were still underway and pledged continued support in areas such as trade, digital infrastructure and private sector growth.
“Yesterday, we heard from the private sector that for youth, digital is the fuel,” she said. “So all the work you’re doing on digital is just amazing.”
Bjerde said Nigeria remained top of mind when international observers asked which African country investors should watch closely.
“I often get the question of which country should we be tracking in Africa,” she said. “And Nigeria is always top of my mind.”
