Monday May 19, 2025 |
The Federal Government has assured the World Bank that its economic reform agenda is firmly on track and already yielding encouraging results.
Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, gave this assurance in Abuja on Monday during a courtesy visit by the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis.
Speaking at the meeting, Senator Bagudu noted that the reforms being pursued by the current administration are beginning to reflect positively in key economic indicators, particularly in the significant rise in revenues accruing to state and local governments and a marked reduction in national debt.
Bagudu expressed appreciation to the World Bank for its ongoing support to Nigeria’s reform efforts, describing the recently released Nigeria Development Update (NDU) as credible documentation of the country’s economic progress.
He said the report offers independent validation of the direction and impact of the government’s policy choices.
“Our ambition is to grow the Nigerian economy to $1 trillion. To achieve that, we need to craft and implement a strategy capable of delivering double-digit economic growth,” the Minister said.
He added that the reform programme enjoys broad-based acceptance among critical stakeholders, including the political class, labour unions, and the private sector.
According to him, this level of cooperation is essential for sustaining reforms and building momentum for structural transformation.
“We are confident that we will stay on course,” Bagudu said, adding that the administration remains focused on unlocking the full potential of the Nigerian economy.
Earlier in his remarks, the new World Bank Country Director for Nigeria, Mr. Matthew Verghis, reflected on lessons from other developing economies. He noted that India faced similar economic challenges in the early 1990s but undertook tough decisions that laid the foundation for over three decades of sustained economic growth, lifted millions out of poverty, and delivered a major turnaround for the country.
Verghis expressed the Bank’s readiness to partner with Nigeria in advancing its development objectives, particularly in accelerating economic growth, creating jobs, deepening financial inclusion, and supporting agricultural transformation.
He stated that the World Bank is committed to contributing both technical expertise and financial resources to help Nigeria achieve inclusive and sustainable development.
Before his current posting to Nigeria, Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank. His previous assignments also included stints as Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, covering China, Vietnam, and Southeast Asia.
