Economic Reforms On Course, Bagudu Tells World Bank

Nigeria’s ongoing economic reforms are on track and delivering tangible results, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, affirmed on Monday during a courtesy visit by the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis.

Bagudu, speaking in Abuja, highlighted encouraging indicators including increased revenue inflows to states and local governments, as well as substantial debt reduction, as direct outcomes of the reforms. His remarks were relayed by the Ministry’s Director of Information, Mrs. Osagie Jacobs J.I.

“We are witnessing significant progress,” Bagudu said. “Our ambition is to grow the Nigerian economy to $1 trillion, and to achieve that, we must pursue a strategy capable of delivering double-digit growth.”

He noted that broad national consensus, spanning the political class, labour unions, and the private sector, is vital to sustaining reform momentum. “We are confident that we will stay on course,” the Minister added.

Bagudu also expressed appreciation for the continued support of the World Bank and welcomed the Nigeria Development Update, released last week, as further validation of the country’s improving economic trajectory.

In response, Mr. Verghis commended Nigeria’s economic direction, drawing parallels with India’s reform journey in the early 1990s. He noted that India’s tough economic decisions laid the foundation for three decades of sustained growth and significant poverty reduction.

Verghis reaffirmed the World Bank’s commitment to Nigeria’s development, pledging support in areas including accelerated economic growth, job creation, financial inclusion, and agricultural development.

Prior to his current role, Verghis served as South Asia Regional Director for Equitable Growth, Finance and Institutions at the World Bank. His previous experience includes senior roles across Africa and Asia, notably in macroeconomics, trade, and investment.

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