Nigeria's Minister of Budget and Economic Planning, Senator Abubakar Bagudu, says the country's economic reforms are delivering strong results, including increased revenues to states and debt reduction.
Speaking in Abuja during a courtesy visit by the new World Bank Country Director, Mr. Matthew Verghis, Bagudu affirmed that despite challenges, reforms are on track and have gained widespread acceptance among political leaders, labour unions, and the private sector.
"Our ambition is to grow the Nigerian economy to $1 trillion. Achieving double-digit growth is key, and we must develop a strategy to reach it," Bagudu stated.
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He thanked the World Bank for its continued support and acknowledged the recently released Nigeria Development Update as proof of progress.
Mr. Verghis drew parallels with India's reform path in the 1990s, which led to sustained growth and poverty reduction. He pledged the World Bank's commitment to support Nigeria in job creation, agri-business, financial inclusion, and accelerated growth.
Verghis brings vast experience from previous roles in South Asia and Africa, including China, Vietnam, and East Africa.
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