President Tinubu Declares No Retreat on Economic Reforms During World Bank Meeting
President Bola Tinubu has firmly stated that his administration will not reverse any of the economic reforms implemented since taking office in May 2023. The President made this declaration while receiving a delegation from the World Bank, led by its Managing Director of Operations, Anna Bjerde, on Tuesday, February 3.
Steadfast Commitment to Reform Agenda
President Tinubu emphasized that Nigeria has already crossed the most difficult phase of reform implementation and is determined to stay the course. He highlighted that this commitment is crucial for achieving long-term stability and prosperity for the nation.
The President acknowledged the initial challenges but stressed that the difficult decisions taken on fuel subsidy removal and exchange-rate unification were necessary sacrifices for future gains. "It's difficult for a leader to look the other way in a corrupt environment where subsidy regimes or multiple exchange rates can offer quick gains," he said.
Focus on Economic Stability and Youth Population
Tinubu explained that these reforms were implemented to benefit both the country and the global community by ensuring a stable currency. "We gave that up so that the world and the country can benefit from a stable currency," he noted.
He addressed the issue of inflation, stating that while the first reaction to the reforms was high inflation, it has since come down dramatically. The President underscored Nigeria's role as the heart of the African continent and the necessity of strengthening the economy, particularly with the young population in mind.
In a powerful assurance, Tinubu declared, "I give you the assurance that since we've gone into this tunnel of reform, we have our hands on the plough and we're never going to look back." He added that initial pain and difficulty are part of the process, and success belongs to those who persevere rather than give up during challenging times.
World Bank Appreciation for Clear Communication
In her response, Anna Bjerde, Managing Director of Operations at the World Bank, expressed appreciation for President Tinubu's steady direction and communication regarding the reforms. "What I appreciate is your steady direction as you communicate to Nigerians as well as outside of Nigeria of the importance of the reforms because that has given confidence and clarity," she said.
Bjerde commended the President for consistently speaking to both Nigerians and the international community about the economic reforms his administration is undertaking. This transparency, she noted, has provided much-needed confidence and clarity in the reform process.
