World Bank hails Tinubu’s steps to revamp Nigeria’s economy

By Egena Sunday Ode

The World Bank, on Friday, praised President Bola Tinubu’s initial steps in office as leader of the country, saying he is determined to do the right things and taking the right steps.

President of the World Bank, Ajay Bangs, who gave the positive review of the Bola Tinubu administration after meeting the Nigerian President, also gave a commitment that the world number bank would be with Nigeria through the process.

According to Banga, President Tinubu is doing everything that Nigeria needs to survive and correct its current situation, adding that without this, Nigeria would constantly be in unsustainable deficits.

“Basically, we had a very constructive discussion, not just with the President, but also a number of his advisers and we talked about what was in his mind as priorities.

“I commended him for a lot of the things he’s doing early in his term, not easy; macro, fiscal reforms, and stability are very important. He’s very determined to do the right thing.

“I think you will find the World Bank supporting everything, not just financial aid, but also with knowledge and thinking around how to create the right regulatory policies and fiscal policies. So we had a very good discussion. It ended very well.

“The fact is, he’s doing things that Nigeria needs to be able to do to correct its situation. If you don’t correct the situation on fuel subsidy, you have a fiscal deficit that remains unsustainable. So he’s trying to do all the right things”, he said.

He further noted that the difficult part is how to pull through the current process for the next few months, even as he encouraged that Nigeria be nurtured to become the African champion, so the rest of the world will see the country as the rallying point for African relations.

“Now the question is, how do you navigate through the next few months, where you can set the economy on the right parts for the future. As I discussed with him, Nigeria has to be an African champion.

“If Nigeria becomes an African champion, then we’ll know that the African continent has a country, the largest country with the largest GDP, is headed in the right direction. That’s his vision and that was the vision we share”, he noted.

Asked what his views on the forecasts about Nigeria’s growth were, Banga said “at this stage when he’s doing so much reform I wouldn’t pay too much credence to any forecast that was made earlier. So I would rely more on where we are going, not a past forecast”.

Also, President Tinubu also met with the Chairman of Globacom, Chief Mike Adenuga at the Presidential Villa on Friday.