Nigeria’s finance and budget ministers, along with the central bank governor, engaged in discussions with World Bank executives in Abuja to outline the country’s economic recovery plans and seek backing for its reform initiatives.Thank you for reading this post, don't forget to subscribe!
World Bank managing director for operations, Anna Bjerde, expressed her intent to delve into Nigeria’s ambitious recovery strategies during the meetings.
The meeting follows a prior engagement between World Bank president Ajay Banga and President Bola Tinubu in Nigeria last October. Tinubu inherited a challenging economic landscape marked by high debt levels, low revenue, and widespread insecurity, including insurgencies and kidnappings.
Despite the economic hurdles, Tinubu initiated significant reforms, such as removing the fuel subsidy and easing foreign exchange controls. However, these actions have contributed to soaring inflation rates, reaching levels not seen in decades.
While specifics of Nigeria’s requests were not disclosed, Bjerde emphasized the importance of assessing the World Bank’s programs in Africa’s most populous nation during her visit. Finance Minister Wale Edun highlighted Nigeria’s interest in support across various sectors, including power, social services, and the broader macroeconomy.