World Bank supports Nigeria’s reform progress

THE World Bank has thrown its weight behind what it described as progress in Nigeria’s reforms, just as it has reaffirmed its strong support for the country’s reform agenda, highlighting the country’s steady progress towards economic recovery.

Speaking on Wednesday in Abuja during a meeting with the Senate Committee on Capital Market, chaired by Senator Osita Izunaso, APC, Imo West, the World Bank Country Director for Nigeria, Mathew Verghis emphasised the importance of parliamentary oversight in development projects.

The World Bank representative who underscored that legislative oversight remains a critical pillar for ensuring accountability and effectiveness, particularly in projects funded by the institution, however, encouraged its careful and constructive application across all initiatives.

Verghis who disclosed that its Managing Director recently visited Nigeria, where she commended ongoing reforms and described the country as an emerging example for other nations seeking to implement similar economic changes, expressed appreciation for Nigeria’s reform efforts and reiterated its commitment to supporting them.

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Speaking on environmental project oversight, the Bank welcomed further dialogue with lawmakers to better understand existing challenges and identify practical solutions.

He said, “We would welcome a follow-up discussion to better understand the challenges and how we can address them.”

According to him, over the past four to five years, the World Bank has increasingly shifted project implementation to the state level, adding, “While the Federal Government remains the borrower of record through the Ministry of Finance, which is responsible for repayment, actual implementation is carried out by the states.”

Mathew Verghis, who noted that this approach reflects Nigeria’s decentralised governance structure, where states play significant roles in development, said that the shift has improved project implementation outcomes, adding that states must meet specific eligibility criteria to participate in World Bank-supported projects.

“States that meet these criteria can access funding, while those that do not may opt out,” he said.