Nigeria’s Economic Reforms Show Progress Amid World Bank Report

President Bola Tinubu defended his administration’s economic reforms, highlighting stronger economic growth, rising foreign reserves, and increased revenues to states. He welcomed the World Bank report indicating Nigeria’s steady economic growth.

Nigeria ranked among the top 10 recipients of the $112 billion private capital mobilised by the World Bank Group in the year ended June 2026, according to the global lender.

Tinubu’s Adviser on Information and Strategy, Bayo Onanuga, stated that the World Bank’s October 2026 Nigeria Development Update confirmed difficult decisions since 2023 were beginning to yield results.

The president attributed increased government revenues, economic stabilization, and room for investment to the removal of the petrol subsidy, unification of the foreign exchange market, and efforts to strengthen fiscal discipline.

Tinubu noted that the dividends of reform are becoming visible.

However, ensuring these reforms translate into better living standards for every household requires addressing lower food prices and creating decent jobs for young people.