FG Assures World Bank Economic Reforms Are Progressing
By Patience Ikpeme
The federal government has given its assurance to the World Bank that its ongoing economic reforms are proceeding as planned and yielding positive outcomes.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, provided this assurance in Abuja on Monday during a courtesy visit from the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis. Senator Bagudu stated that the reforms have begun to show encouraging results.
He pointed to the significant increase in revenues accruing to state and local governments, as well as the substantial reduction in debt levels, as some of the positive outcomes of the reforms.
Senator Bagudu thanked the World Bank team for their support of the reforms and welcomed the Nigeria Development Update, which was unveiled last week, as documented evidence of the country’s positive economic progress.
“Our ambition is to grow the Nigerian economy to $1 trillion, and to achieve that, we need to develop a strategy for attaining double-digit growth,” he stated.
Senator Bagudu noted that achieving this growth is feasible through mobilizing public support from the political class, labour unions, and the private sector, all of whom have indicated broad acceptance of the reforms.
“We are confident that we will stay on course,” he affirmed.
Earlier, Mr. Matthew Verghis, the new World Bank Country Director to Nigeria, drew a parallel with India’s economic trajectory in the early 1990s. He explained that India’s decisive economic decisions led to three decades of growth, significantly reducing poverty and resulting in a general economic turnaround.
He conveyed the World Bank team’s commitment to assist Nigeria in growing its economy by accelerating growth, encouraging job creation, promoting financial inclusion, and supporting agri-business, among other key initiatives.
Prior to his posting to Nigeria, Mr. Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank. His previous roles included Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, covering China, Vietnam, and the broader Southeast Asia region.
