Tinubu Seeks World Bank Support to Boost Agriculture and Economic Reforms

Dayo Thomas

President Bola Tinubu has urged the World Bank to accelerate its support for Nigeria’s economic reforms, emphasizing the need for agricultural mechanization and modernization to increase productivity and create opportunities for the country’s large young population. He highlighted the government’s efforts to establish zonal mechanization centers, expand access to improved seedlings, and leverage petrochemical output to boost local fertilizer availability

Tinubu stressed that agriculture is a key focus area, with the government working to transition farmers from small-scale holders to large cooperatives, enhancing food security and economic growth. He invited the World Bank to support seed development, mechanization, and agricultural value chains, citing progress in petrochemicals and the need to help farmers access local markets and improve yields

The World Bank has pledged its support, with a portfolio of $17 billion in public sector financing, $5 billion annually in private sector support, and investment guarantees exceeding $500 million. Managing Director of Operations, Anna Bjerde, commended Nigeria’s reform leadership, citing progress in agriculture, infrastructure, and job creation, and expressed the institution’s commitment to supporting Nigeria’s economic growth and development

Tinubu noted that the reforms, though initially painful, are yielding results, with inflation easing and the naira stabilizing. He emphasized the importance of transparency, accountability, and market-driven policies, and urged the World Bank to explore innovative financing models, reduce bureaucratic bottlenecks, and support skills development.