TINUBU HAILS WORLD BANK REPORT SAYS NIGERIA’S ECONOMIC REFORMS ARE BEGINNING TO YEILD RESULTS

President Bola Ahmed Tinubu has welcomed the World Bank’s latest assessment of Nigeria’s economy, describing its findings as evidence that his administration’s economic reforms are beginning to produce results.In a statement issued on Sunday, October 11, the President said the World Bank’s October 2026 Nigeria Development Update indicated that the country’s economy was gradually stabilising following a series of difficult policy decisions introduced since 2023. The report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, examined economic performance and the implications of increased government revenues for public spending and development. According to the assessment cited by the Presidency, Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period of 2025. The World Bank also reportedly observed that the country’s poverty rate had stabilised for the first time since 2019, while projecting that poverty could gradually decline if economic growth continued to outpace population growth. Tinubu attributed the developments partly to the removal of the petrol subsidy, the unification of the foreign exchange market and efforts to strengthen fiscal discipline. The administration maintains that these policies have increased public revenues and created additional resources for federal, state and local governments to finance infrastructure and social development. However, the economic situation remains challenging for many Nigerians. High living costs, transportation expenses, food prices and concerns about employment continue to shape public reactions to the government’s reforms. The President acknowledged that more work was necessary to ensure that improvements in economic indicators translated into better living conditions for households. He emphasised the need to reduce food prices, expand employment opportunities and improve access to affordable transportation. The report’s findings are likely to feature prominently in national political discussions as Nigerians assess the effects of the administration’s policies ahead of the 2027 general elections. For many households, the critical question is whether economic growth will translate into higher purchasing power, better-paying jobs and more affordable essential goods. While the government’s assessment highlights encouraging economic indicators, the longer-term impact of the reforms will depend on sustained growth, effective implementation of public policies and the extent to which ordinary citizens experience tangible improvements.