The World Bank has praised Nigeria as an emerging model for economic reform among developing countries, citing progress in recent policy measures and reaffirming support for the nation's recovery. During a meeting with the Senate Committee on Capital Market in Abuja, World Bank Country Director for Nigeria Mathew Verghis said the institution's Managing Director recently visited Nigeria and commended the pace and direction of reforms. Verghis described Nigeria as a growing example for nations seeking economic stabilisation, while urging stronger parliamentary oversight to ensure accountability in development projects. He stressed that legislative scrutiny is vital for transparency and effective use of funds, particularly in World Bank-supported initiatives.
Verghis noted a shift in the Bank's approach, with increasing decentralisation of project implementation to state governments over the past four to five years. While the federal Ministry of Finance remains the borrower, states now drive execution, improving delivery by aligning with Nigeria's federal structure. Access to funding, he said, depends on states meeting predefined eligibility criteria. Women's empowerment was highlighted as a key focus, with ongoing programmes and a forthcoming early childhood development initiative targeting maternal health and early education. The Bank also expressed interest in deepening collaboration with the National Assembly on environmental project oversight. Senate Committee Chairman Osita Izunaso welcomed the engagement and announced a technical session in mid-April to clarify lawmakers' roles. Separately, the IEA, IMF, and World Bank Group agreed to form a joint taskforce to address global energy shocks caused by the Middle East conflict, warning of severe supply disruptions.
Mathew Verghis's praise for Nigeria's reform path sits uneasily with the reality most citizens face—persistent inflation, joblessness, and dwindling public services. The World Bank's shift to funding state-level projects means governors now hold greater power over development outcomes, yet many operate with minimal transparency. If oversight remains weak, even well-designed reforms will fail to reach the people who need them most.
