The World Bank has declared Nigeria an emerging model for economic reform among developing nations, pledging continued support for the country’s recovery efforts while urging stronger legislative oversight to ensure accountability and maximise impact.
The endorsement followed a review of Nigeria’s reform agenda, which the Bank said has shown steady progress. Recent policy measures, according to the institution, are yielding positive results and positioning Nigeria as a reference point for other countries undertaking similar economic transitions.
Speaking during a meeting with the Senate Committee on Capital Market in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mathew Verghis, reaffirmed the Bank’s alignment with Nigeria’s reform trajectory and its readiness to deepen support across key sectors.
Verghis noted that the Bank’s Managing Director recently visited Nigeria and commended the pace and direction of reforms, describing the country as a growing example for nations seeking to stabilise and reposition their economies.
He however, emphasised that sustaining the gains of these reforms would depend heavily on effective parliamentary oversight, particularly for projects funded by development partners.
“Legislative scrutiny is essential to ensure transparency, proper utilisation of funds, and the overall success of intervention programmes,” he said.
The Country Director explained that the World Bank has increasingly adopted a decentralised implementation approach in Nigeria, with more projects now executed at the state level.
While the federal government, through the Ministry of Finance, remains responsible for loan repayments, state governments are taking a more active role in driving project delivery.
“This shift aligns with Nigeria’s federal structure and has improved efficiency by bringing implementation closer to the people,” Verghis said.
He added that only states meeting clearly defined eligibility criteria could access World Bank funding, promoting accountability and performance.
On sectoral priorities, Verghis highlighted women’s empowerment as a central pillar of the Bank’s strategy in Nigeria, noting ongoing initiatives to boost women’s participation in the economy.
He also pointed to a forthcoming early childhood development programme focused on maternal health, child welfare, early education, and improved access to learning opportunities.
The Bank also expressed its willingness to strengthen collaboration with the National Assembly on environmental project oversight, inviting further engagement to address challenges and identify practical solutions.
Chairman of the Senate Committee on Capital Market, Osita Izunaso, welcomed the Bank’s delegation and reaffirmed the committee’s commitment to effective oversight of development programmes.
He announced plans for a technical session in the third week of April to brief lawmakers, particularly first-time legislators, on the workings of World Bank-supported initiatives.
Meanwhile, heads of the International Energy Agency (IEA), International Monetary Fund (IMF), and World Bank Group have agreed to form a joint coordination group to respond to the global economic and energy fallout from the war in the Middle East.
In a joint statement, the institutions warned that the conflict has caused one of the most severe disruptions in global energy supply, affecting oil, gas, fertiliser prices, food costs, and inflation worldwide.
The group would evaluate the crisis across countries and regions, align response mechanisms, provide targeted policy guidance, and deploy financial support, particularly concessional funding, to assist the most affected nations.
“The group will work with other international organisations as needed to safeguard global economic and financial stability, strengthen energy security, and support affected countries on the path to recovery, growth, and job creation,” the statement read.
