The World Bank has reiterated its strong support for Nigeria’s reform agenda, citing steady progress towards economic recovery and underscoring the importance of parliamentary oversight in development projects.
Speaking on Wednesday, April 1, in Abuja, the Bank’s Country Director for Nigeria, Matthew Verghis, highlighted the critical role of legislative scrutiny in ensuring accountability and effectiveness, particularly for Bank-funded initiatives.
Verghis encouraged constructive engagement from lawmakers and noted that a recent visit by the Bank’s Managing Director commended Nigeria’s reform trajectory, describing it as a potential model for other economies pursuing transformation.
He also welcomed further dialogue with parliament on environmental projects to address implementation challenges and identify practical solutions.
According to Verghis, the Bank has increasingly decentralised project execution over the past four to five years, with state governments taking the lead in implementation, while the federal government remains the borrower through the Ministry of Finance. He said this approach aligns with Nigeria’s governance structure and has improved outcomes, allowing eligible states to access funding based on set criteria.
The Bank further emphasised women’s empowerment as a cornerstone of sustainable growth, pointing to ongoing programmes aimed at boosting female participation in the economy, alongside a forthcoming initiative focused on early childhood development.
Responding, Osita Izunaso, who chairs the Senate Committee on Capital Market, proposed a follow-up technical session later in April to deepen lawmakers’ understanding of World Bank programmes. He also encouraged participation in the Global Parliamentary Forum to enhance international collaboration and exposure.