The World Bank Group has called on the Nigerian government to intensify efforts to bring down the inflation rate, in order for citizens to enjoy the benefits of reforms so far introduced.
According to the National Bureau of Statistics, Nigeria’s annual inflation rate eased to 20.12 per cent in August, a decline from 21.88 per cent recorded in July 2025.
However, speaking at the 31st Nigerian Economic Summit (NES31) in Abuja, Mathew Verghis, the World Bank Country Director for Nigeria, said that Nigeria requires decisive policies to bring down inflation and interest rates to make the impacts of recent reforms felt by citizens, stimulate job creation and private investment.
Verghis, who commended the government’s reform strides over the past two years, described them as crucial steps that have repositioned the country for long-term growth.
‘The first priority is to bring inflation down so that people can start feeling the benefits of these reforms to a greater extent. This will also help reduce interest rates, which are critical for businesses to perform better. Once that is achieved, Nigeria can focus on actions that promote job creation, investments in people, and infrastructure,’ Verghis said.
He revealed that the World Bank’s upcoming Nigeria Economic Update, to be presented later in the week, would address these priorities in detail. According to him, the Bank is shifting its focus from growth alone to job-centred development, emphasising the need for strategic support to labour-intensive sectors such as agribusiness.
‘If you care about job creation, then you must identify the sectors that will create jobs and strategically support them. Agribusiness in Nigeria comes to mind very easily, but we must move beyond subsidies to policies that enhance competitiveness,’ he added.
Also speaking, Boye Olusanya, Group Managing Director/CEO of Flour Mills of Nigeria Plc, stressed that Nigeria’s industrialisation ambitions cannot succeed without addressing the twin challenges of infrastructure and power.
He warned that high production costs, bureaucratic bottlenecks, and weak export quality controls continue to undermine the competitiveness of Nigerian manufacturers.
‘Our cost to produce is too high compared to anywhere else in the world. Without fixing infrastructure and power, we cannot be competitive. We also need to streamline customs processes, enforce quality standards for exports, and strengthen institutions like the Bank of Industry (BOI) to mobilise more long-term capital,’ Olusanya said.
He called for practical and consistent policies that attract private investment into key sectors, urging government agencies to provide seed funding and an enabling environment for investors.
‘Private capital continues to look for investments that give long-term returns. The government needs to align with that horizon and provide stability,’ he said.
On his part, Gautier Mignot, Head of the European Union Delegation to Nigeria and ECOWAS, reaffirmed the EU’s commitment to supporting Nigeria’s trade competitiveness, regional integration, and investment attraction.
He outlined ongoing EU initiatives such as a pound 200 million package for African market access and the Global Gateway Strategy, which mobilises investments in renewable energy, green economy, agriculture, and connectivity infrastructure, including the rollout of 90,000 kilometres of optic fibre across Nigeria.
‘We believe Nigeria has enormous untapped potential. Our partnership focuses on leveraging private investment, improving trade infrastructure, and harmonising standards to make the economy more competitive,’ he said
The EU envoy also encouraged Nigeria to sustain reform momentum through ‘big-bang’ policy actions that would reinforce investor confidence and accelerate integration into global value chains.
‘You need harmonisation or mutual recognition of rules and standards, you need strengthening of institutions, and finally, you need trade infrastructure and corridors,’
The 31st Nigerian Economic Summit, organised by the Nigerian Economic Summit Group (NESG) in partnership with the Federal Government, brought together policymakers, international partners, and private sector leaders to discuss strategies for achieving inclusive and sustainable growth under the theme ‘Pathways for Economic Transformation and Shared Prosperity.’