DESPITE the obviously increasing economic hardship Nigerians face in the face of President Bola Ahmed Tinubu’s neoliberal reforms, the World Bank has reaffirmed its strong support for Nigeria’s reform agenda, highlighting alleged steady progress toward economic recovery and the importance of parliamentary oversight in development projects.
World Bank’s Country Director for Nigeria, Matthew Verghis, made the statement on Wednesday during a meeting with the Senate Committee on Capital Market, chaired by Sen. Osita Izunaso, in Abuja.
Verghis said legislative oversight remains critical for accountability and effectiveness, especially for projects funded by the Bank.
He encouraged careful and constructive parliamentary engagement across all initiatives.
He noted that the Bank’s Managing Director recently visited Nigeria, praising ongoing reforms and describing the country as a model for others pursuing economic change.
“We appreciate Nigeria’s reform efforts and remain committed to supporting them,” he said.
Addressing environmental project oversight, Verghis welcomed further dialogue with lawmakers to identify challenges and practical solutions.
“We would welcome a follow-up discussion to better understand the challenges and how we can address them,” he said.
Verghis explained that over the past four to five years, the Bank has consistently shifted project implementation to the state level.
“While the Federal Government remains the borrower through the Ministry of Finance, actual implementation is carried out by the states,” he said.
He said the approach reflects Nigeria’s decentralised governance structure and has improved project outcomes.
“States that meet eligibility criteria can access funding, while those that do not may opt out,” Verghis added.
The Bank also emphasised women’s empowerment as a driver of long-term economic growth.
“Several major programmes are underway to boost women’s participation in the economy,” he said, highlighting a forthcoming early childhood development initiative covering maternal health, child welfare, early education, and women’s access to learning.
Responding, Sen. Izunaso thanked the World Bank delegation and proposed a follow-up meeting in the third week of April.
He said the committee plans a technical session to deepen lawmakers’ understanding of World Bank programmes.
“During this session, a representative will walk us through the programme and clearly explain the expected role of parliamentarians in World Bank-supported activities,” Izunaso said, noting the benefit for many first-time legislators.
He also recommended that some committee members participate in the upcoming Global Parliamentary Forum to gain international exposure and engage with counterparts from other countries. (NAN)
