World Bank: Tinubu’s Reforms Stabilising Economy, But Nigerians Yet To Feel Impact

By ESTHER McWILLIS-IKHIDE

THE World Bank says Nigeria’s economic reforms under President Bola Tinubu are delivering positive macroeconomic outcomes, though the benefits have yet to reach ordinary citizens.

In its latest Nigeria Development Update (NDU) report titled “From Policy to People: Bringing the Reform Gains Home,” the Bank noted that Nigeria’s economy grew by 3.9% in the first half of 2025, up from 3.5% in 2024, driven by gains in services, agriculture, non-oil industries, and improved oil output.

It highlighted stronger fiscal and external positions, with foreign reserves surpassing $42 billion, a current account surplus of 6.1% of GDP, and public debt dropping from 42.9% to 39.8% of GDP, marking the first decline in over a decade.

However, the Bank warned that “macroeconomic stability alone is not enough,” noting that food inflation and poverty remain high, with the cost of a basic food basket rising fivefold since 2019.

It urged the government to focus on taming food inflation, improving public spending efficiency, and expanding social protection programmes to ensure reform gains benefit vulnerable households.

The Bank projected Nigeria’s economic growth to rise to 4.4% by 2027, though inflation remains the biggest threat to living standards.