World Bank Pledges Increased Economic Support for Nigeria, Commends Tinubu Administration's Reforms
The World Bank has announced its commitment to providing increased financial support to Nigeria, commending the economic reforms implemented during the past eight months of President Bola Tinubu’s administration.
Anna Bjerde, the bank’s Managing Director of Operations, conveyed this commitment during a courtesy visit to President Tinubu at the Aso Rock Villa in Abuja on Thursday.
In a statement to journalists following the visit, Bjerde described the partnership between Nigeria and the World Bank as "comprehensive and very fruitful," expressing a dedication to further engage on critical aspects of the country’s development agenda.
She stated, “The outcome is that the World Bank will continue to support the reforms of President Tinubu’s administration through the supportive instrument that we have and we will be stepping up our financial support to Nigeria in line with all the different initiatives that are being taken and all the needs that the economy has.”
Bjerde also expressed confidence in the growth of the Bank’s current programmes with the Nigerian government, indicating an expansion beyond existing levels.
Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the outcomes of a two-day meeting of Western and Central Africa Ministers of Finance, co-hosted by Nigeria and the World Bank.
Edun emphasized that issues of development and concessional financing for West and Central Africa topped the summit's agenda. He noted Nigeria's advocacy for increased resources towards improving electricity access and expanding social safety nets, as well as supporting digitization and technological development in the country’s economy.
The minister underscored the importance of enhancing resources for Nigeria and the broader region, with a focus on addressing poverty and promoting sustainable development.
The World Bank's pledge signals a significant boost to Nigeria's economic trajectory, reinforcing the nation's commitment to implementing reforms that foster growth and development.
