Nigeria, World Bank in talks for economic revamp

Nigeria’s finance and budget ministers and central bank governor held talks with World Bank executives in Abuja on Wednesday to discuss the West African country’s economic recovery plans and seek support for its reforms.

“I have come to Nigeria to have conversations, discussions over the coming days on the ambitious plans that are being put in place for economic recovery,” World Bank managing director for operations Anna Bjerde told reporters.

Wednesday’s meeting came after World Bank president Ajay Banga met President Bola Tin ubu last October in Nigeria.

Tinubu inherited an economy that is struggling with high debt levels, low revenue collections, widespread insecurity, including a long-running insurgency in the northeast and kidnappings for ransom in the northwest.

Tinubu started Nigeria’s boldest reforms in decades, removing a popular fuel subsidy last May and scrapping some foreign exchange controls, but this has pushed up inflation to its highest levels in nearly three decades.

Bjerde did not provide details of specific requests from Nigeria but said the visit was also an opportunity for her to take stock of the bank’s programmes in Africa’s most populous nation.

Finance Minister Wale Edun said Nigeria was looking for support in the area of power, social sector and the macroeconomy.

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