President Bola Tinubu has reaffirmed that his administration will not reverse any of the economic reforms introduced since assuming office in May 2023.
The President made this known while receiving a World Bank delegation led by its Managing Director of Operations, Anna Bjerde, on Tuesday, February 3. He said Nigeria has moved past the most challenging stage of the reform process and remains committed to sustaining the policies for long-term economic stability and prosperity.
President Tinubu explained that tough decisions such as the removal of fuel subsidies and the unification of the exchange rate were unavoidable sacrifices required to secure lasting economic gains.
According to him, maintaining subsidy regimes and multiple exchange rates in a corrupt environment often creates opportunities for quick profits, but his administration chose a different path to ensure a stable currency and broader economic benefits.
He acknowledged that the initial impact of the reforms led to high inflation but noted that inflationary pressures have eased significantly. Describing Nigeria as central to Africa’s economic future, the President stressed the need to strengthen the economy, particularly to meet the aspirations of the country’s large youth population.
“We have gone into this tunnel of reform with our hands firmly on the plough, and we are not going to look back,” Tinubu said, adding that while the process has been painful, progress is only achieved by those who remain steadfast in difficult times.
In her response, World Bank Managing Director of Operations Anna Bjerde commended President Tinubu for consistently communicating the rationale behind the reforms to Nigerians and the international community.
She said the clarity and steady direction of the President’s messaging have helped build confidence in Nigeria’s reform agenda.
