Don’t View Nigeria as Struggling Economy—Tinubu Urges World Bank

By Dipo Olowookere

President Bola Tinubu has urged the World Bank Group to see Nigeria as a significant player within the global community, not solely as a struggling economy.

He said this when he met with the President of the World Bank, Mr Ajay Banga, last Friday at the Presidential Villa, Abuja.

“We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,” Mr Tinubu, whose victory at the 2023 general elections is still being contested at the court, told his guest.

He promised the Bretton Woods institution chief that his administration would soon commence a thorough overhaul of the civil service payroll to block some loopholes.

“We will do a very serious structural review of the civil service payroll. I can’t believe the numbers I’m seeing; I’ve had that experience at the state level before.

”The reforms are in tandem with Nigeria’s Ease of Doing Business programme. We’ll block all financial loopholes. The reforms will be targeted at how we work, change of attitude and equally on educating our people. It’s costly, but we will do it,” he said.

On poverty alleviation, the President called for increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the World Bank that will lead to mutual benefits and sustainable progress.

He also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity, and debt management.

President Tinubu also shared insights into his administration’s substantial reforms, including consolidating improvements in Nigeria’s oil industry, enhancing the Ease of Doing Business, and prioritizing security to boost the country’s revenue generation.

While calling for a positive partnership with the World Bank, Mr Tinubu emphasised key focus areas, including job creation, digitisation, and national identity management.

He also requested the World Bank’s support in addressing the challenges posed by removing cross-sectoral subsidies, particularly in lessening the impact on less privileged Nigerians.

In his remarks, Mr Banga commended President Tinubu for his efforts in addressing the country’s economic challenges.

“Yes, we give money, and our dollars are very important, but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts, and you should be rest assured about that,” he stated.