The World Bank has praised Nigeria’s recent economic reforms, signalling renewed confidence in the country’s policy direction and indicating plans to scale up its financial support in the period ahead.
The endorsement comes as the Bola Tinubu administration pushes through some of the most far-reaching changes to Nigeria’s economic framework in decades, including the removal of fuel subsidies, the unification of foreign exchange windows, and efforts to strengthen revenue mobilisation. World Bank officials say these measures, while painful in the short term, are beginning to address long-standing structural distortions that have weighed on growth and investor confidence.
Speaking on Nigeria’s outlook, senior World Bank representatives noted that the reforms have helped improved transparency in public finances and reduced costly fiscal leakages, creating a stronger foundation for macroeconomic stability. They acknowledged that the adjustment process has been difficult for households and businesses, but stressed that maintaining reform momentum would be critical to restoring confidence and unlocking sustainable growth.
On the back of this assessment, the bank said it is looking to expand its financing to Nigeria, with a focus on programmes that support social protection, human capital development, and economic diversification. Planned interventions are expected to prioritise cushioning vulnerable groups from the impact of rising prices, while also backing reforms in sectors such as power, agriculture, and digital infrastructure.
The World Bank also emphasised the importance of complementary measures, including tighter fiscal discipline, improved governance, and a more predictable policy environment. According to the bank, these steps will be key to ensuring that increased funding translates into tangible improvements in living standards rather than short-term relief.
Beyond direct financing, the bank said it would deepen its technical support to help Nigerian institutions design and implement reforms more effectively. This includes advisory work on public financial management, debt sustainability, and data-driven policy making, areas the bank believes are critical to sustaining investor confidence and avoiding a return to past vulnerabilities.
For Nigerian authorities, the World Bank’s backing offers both validation and pressure. While the prospect of expanded financing provides breathing space, officials are under no illusion that continued support will depend on the government’s ability to stay the course, deepen reforms, and manage the social costs of adjustment. How well the reforms translate into jobs, lower inflation, and improved public services will ultimately determine whether the current reset delivers lasting gains for ordinary Nigerians.
