World Bank, IMF Recognise Tinubu’s Reforms, $1trn Economy Target Within Reach

Professor Nentawe Yilwatda, National Chairman of the All Progressives Congress (APC), has stated that President Bola Ahmed Tinubu's economic reforms have received recognition from major international economic institutions, including the World Bank and the International Monetary Fund (IMF). Yilwatda made this statement in Uyo, Akwa Ibom State capital, during a rally held at the Senator Godswill Akpabio International Stadium. He noted that the reforms are laying a solid foundation for a stronger, more productive, and prosperous Nigeria.

According to Yilwatda, President Tinubu's boldness in confronting longstanding structural challenges reflects the kind of courageous leadership required to reposition Nigeria for sustainable growth and economic prosperity. The APC National Chairman acknowledged that the reforms have demanded difficult adjustments but stressed that abandoning them would amount to reversing the country's progress and returning to the economic difficulties that necessitated the reforms.

Yilwatda described President Tinubu's ambition of building a $1 trillion economy as more than a political aspiration, stressing that it represents a strategic national development target backed by deliberate policy choices and ongoing economic restructuring. He identified major investments in infrastructure, transportation, education, maritime development, and financial inclusion as critical pillars of the administration's economic transformation agenda.

The APC National Chairman highlighted the Lagos-Calabar Coastal Highway as a landmark infrastructure project that would improve connectivity, stimulate commerce, and unlock enormous economic opportunities for Akwa Ibom and other coastal communities. He also noted that the President's determination to develop Nigeria's maritime economy would further strengthen the economic competitiveness of coastal states and expand their contribution to national development.

On education and social investment, Yilwatda commended the student loan initiative for widening access to higher education, while noting that targeted interventions for women and small businesses were creating opportunities for greater economic participation. He explained that the tax reforms were designed to ease the burden on low-income earners and small businesses, enabling them to retain more of their earnings and operate in a more supportive economic environment.

Yilwatda also pointed to improved industrial harmony in educational institutions and the administration's efforts to settle outstanding obligations to workers, pensioners, and retirees of formerly privatised public enterprises as important milestones. The APC Chairman's statement comes as a testament to the government's efforts to drive economic growth and development in Nigeria.

The recognition of Nigeria's economic reforms by the World Bank and IMF is a significant development, as it indicates that the country's efforts to drive economic growth and development are on the right track. With continued implementation of the reforms and strategic investments in key sectors, Nigeria may be well on its way to achieving its $1 trillion economy target.

Key points

• President Tinubu's economic reforms have received recognition from the World Bank and IMF.
• The APC chairman highlights major investments in infrastructure, transportation, education, maritime development, and financial inclusion as critical pillars of the administration's economic transformation agenda.
• Nigeria's $1 trillion economy target is a strategic national development goal backed by deliberate policy choices and ongoing economic restructuring.