At the World Bank Nigeria development update event, titled “Staying the Course: Progress Amid Pressing Challenges,” held today in Abuja, Alex Sienaert, the lead economist for the World Bank in Nigeria, asserted that the institution has no intention of undermining the country or its citizens.
In response to recent public outcry following comments from Indermit Gill, the World Bank’s senior vice president, Sienaert clarified that there is no conspiracy within the World Bank to keep Nigeria down. Gill had stated that Nigeria must continue its economic reforms for the next 10 to 15 years to establish itself as a leading economic player in sub-Saharan Africa and globally.
Sienaert emphasized, “The World Bank is here to help. Our team is dedicated to providing advice and low-cost financing to support Nigeria in stabilizing its economy.” He explained that the World Bank operates as an international development cooperative among the world’s governments.
The economist highlighted that the World Bank’s perspective on reforms is informed by its understanding of Nigeria’s precarious fiscal situation last year. He stated that President Bola Tinubu’s signature reforms, although challenging, present an opportunity for Nigeria to overcome its economic issues. “If these opportunities materialise, they could transform Nigeria and Africa,” he added.
Sienaert pointed out that the Nigerian economy has shown resilience, with major policy reforms starting to yield positive results reflected in the country’s GDP. He stressed the importance of fiscal measures to reduce inflation and avoid a return to previous financial practices.
Credit: Businessday (Text Excluding Headline)
