On Friday, the World Bank commended President Bola Tinubu for his initial actions in office, stating that he is committed to making the right decisions and taking appropriate measures.
After meeting with the President, Ajay Banga, the President of the World Bank, gave a positive review of the Bola Tinubu-led administration.
He also made a commitment that the top-ranked bank would support Nigeria throughout the process.
Banga believes that President Tinubu is taking all the necessary steps to help Nigeria overcome its current challenges. He emphasizes that without these actions, Nigeria would continue to face insurmountable 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.
When questioned about his perspective on Nigeria’s growth predictions, 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”
