World Bank Nigeria Reform Model praised as the institution backs Nigeria’s reforms, urging stronger legislative oversight and accountability measures

The World Bank has described Nigeria as an emerging model for economic reform among developing nations, signalling renewed confidence in the country’s policy direction while urging stronger legislative oversight to ensure transparency and accountability in development projects.

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The endorsement was made during a meeting in Abuja between World Bank Country Director for Nigeria, Mathew Verghis, and members of the Senate Committee on Capital Market.

Verghis stated that recent reforms implemented by the Nigerian government are beginning to yield measurable progress and are positioning the country as a reference point for others navigating economic transitions.

The World Bank Nigeria Reform Model assessment reflects what the institution described as steady improvements in Nigeria’s macroeconomic framework.

Verghis noted that the World Bank remains committed to supporting the country’s recovery efforts across multiple sectors, including infrastructure, social investment and governance reforms.

He emphasised that sustaining these gains will depend heavily on effective parliamentary oversight, particularly in projects funded by development partners.

According to him, legislative scrutiny plays a critical role in ensuring proper use of funds, transparency in execution and overall project success.

Verghis also highlighted a shift in implementation strategy over recent years, with a growing number of World Bank-supported projects now executed at the state level rather than centrally.

He explained that while the federal government remains the borrower, state governments are increasingly responsible for delivering outcomes on the ground.

This decentralised approach, he said, has improved efficiency and brought development closer to citizens.

However, participation is conditional on states meeting defined eligibility criteria, ensuring that only those with adequate capacity and governance standards can access funding.

Beyond Nigeria, global financial institutions including the International Energy Agency, the International Monetary Fund and the World Bank Group have agreed to form a joint coordination taskforce to address the broader economic and energy impacts of ongoing global instability linked to the war in the Middle East.

The institutions warned that the conflict has triggered significant disruptions in global energy markets, contributing to rising prices for oil, gas and fertilisers, with ripple effects on food security, inflation and supply chains worldwide.

They noted that the coordinated group will focus on monitoring market developments, sharing data, assessing financial needs and aligning policy responses to support countries most affected by the crisis, particularly low-income and import-dependent economies.

The initiative also aims to mobilise financial resources, provide targeted policy guidance and deploy risk mitigation tools to stabilise vulnerable economies facing tightening fiscal conditions and external pressures.

In Nigeria, Senate Committee Chairman on Capital Market, Osita Izunaso, welcomed the World Bank’s engagement and reaffirmed the legislature’s commitment to strengthening oversight of development programmes.

He announced plans for a technical session aimed at equipping lawmakers with a deeper understanding of international funding frameworks and their responsibilities in ensuring effective implementation.

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The growing collaboration between Nigeria’s government and global financial institutions underscores both the opportunities and responsibilities tied to ongoing reforms, with accountability and governance emerging as central themes in sustaining economic progress.