World Bank Recognizes Nigeria's Economic Reforms

The World Bank has declared Nigeria an emerging model for economic reform among developing nations, highlighting the country's steady progress in its reform agenda. During a meeting with the Senate Committee on Capital Markets in Abuja, World Bank Country Director Mathew Verghis reaffirmed the bank's commitment to supporting Nigeria's recovery efforts.

He called for stronger legislative oversight to ensure accountability and effective utilization of funds, particularly for projects supported by development partners. Verghis noted that the success of reform initiatives heavily relies on parliamentary scrutiny.

The bank has adopted a decentralized implementation approach, allowing for increased project execution at the state level, which aligns with Nigeria's federal structure. He also emphasized women's empowerment as a crucial aspect of the bank's development strategy in Nigeria.

The Senate Committee Chairman, Osita Izunaso, welcomed the World Bank delegation and reiterated the committee's commitment to effective oversight of development programs, announcing plans for a technical session in April to enhance lawmakers' understanding of the bank's support initiatives.