FG Assures World Bank of Focus on Key Areas for Economic Reforms
By Patience Ikpeme
The Federal Government has assured the World Bank of its commitment to prioritizing three key areas as part of ongoing economic reforms aimed at improving the lives of Nigerians.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, conveyed this assurance during a meeting in Abuja with a delegation from the World Bank, led by its Vice President for Western and Central Africa, Mr. Ousmane Diagana.
According to a statement from the ministry, Mr. Edun stated the government’s concentration on three specific objectives: accelerating the speed of project delivery, expanding biometric verification to encompass 15 million individuals on the national social register, and expediting the implementation of the Mission 300 initiative.
Mr. Edun also announced the establishment of a Compact Delivery and Monitoring Unit. He requested an update on its progress to ensure the country remains on schedule to achieve new benchmarks in project approval and execution efficiency.
Key areas of collaboration between Nigeria and the World Bank include enhancing agricultural productivity, improving access to finance for Small and Medium Enterprises (SMEs), advancing digital transformation across various sectors, and broadening financial inclusion for more Nigerians.
Earlier in the meeting, Mr. Ousmane Diagana stated that the World Bank delegation’s visit was to convey their continued support for President Bola Tinubu’s economic reform agenda and the nation’s development priorities.
Mr. Diagana acknowledged Nigeria’s recent Gross Domestic Product (GDP) growth of 3.4%, which he noted as the strongest since 2014. He also commended the government’s progress in stabilizing the economy and improving the performance of its project portfolio.
He advised that maintaining the momentum of reforms is crucial to achieving inclusive growth that generates jobs. Mr. Diagana also noted Nigeria’s significance as the World Bank’s largest portfolio in Africa, with total commitments amounting to approximately $17 billion.
Furthermore, Mr. Diagana welcomed Nigeria’s leadership on the Mission 300 initiative, a pan-African effort aimed at expanding energy access to 300 million people across the continent. He urged the government to accelerate the implementation of social protection measures, particularly targeted cash transfer programs designed to support vulnerable populations.
