Official: Why World Bank, IMF laud Tinubu’s leadership, validate economic reforms

*Felix Morka, CON, National Publicity Secretary of the governing All Progressives Congress, avers under President Bola Ahmed Tinubu, Nigeria is creating ‘a new and vibrant economic environment powered by diversification, inclusive growth and job creation rooted in increased local production’

Alexander Davis | ConsumerConnect

The governing All Progressives Congress (APC) has said it is heartened by global acclaim of President Bola Ahmed Tinubu’s economic reforms that “are yielding extraordinary results, and signalling that Nigeria now stands on the cusp of prosperity of a kind never before seen in our history.”

Mr. Felix Morka, CON, National Publicity Secretary of the All Progressives Congress, who noted this in a statement Wednesday, October 15, 2025, said under President Tinubu, Nigeria is creating a new and vibrant economic environment powered by diversification, inclusive growth and job creation rooted in increased local production.

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Morka stated: “This progress marks a significant shift from the oil boom-and-bust cycles of the past, and heralds a new era of sustainable growth and development for Nigeria.

“Economic growth is the most potent antidote to poverty and underdevelopment. It is a necessary scaffolding for lifting people out of poverty and unlocking their full potential.

“It generates and regenerates economic opportunities, creates jobs, boosts incomes, creates wealth, extends infrastructure and expands access to essential services.

“It is also the keystone for combating insecurity, promoting peace and national cohesion.”

The statement also noted that the Nigerian economy is on a remarkable growth trajectory, with Q2 2025 GDP growth rising to 4.23%, outstripping the International Monetary Fund’s (IMF) initial projection of 3.4%.

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Official: Why World Bank, IMF Laud Tinubu’s Leadership, Validate Economic Reforms

“This impressive performance of President Tinubu’s reforms has earned the IMF’s endorsement with its upgrading of Nigeria’s growth forecast to 3.9% in 2025 and 4.2% in 2026.

“The World Bank’s latest report further validates this trend, projecting Nigeria’s growth acceleration from 4.2% in 2025 to 4.4% in 2027, driven by the rapid expansion of services, agriculture, and other non-oil sectors,” noted Morka.

According to APC, what is more remarkable is that Nigeria’s strong economic performance comes against the backdrop of a slowing global economy.

Referencing the World Bank statistics, global growth is expected to decline from 3.3% in 2024 to 3.2% in 2025 and 3.1% in 2026, with advanced economies growing at a modest 1.5% and emerging markets barely above 4%.

The IMF’s latest forecast aligns with this trend, projecting global growth at 3.2% this year and 3.1% next year, representing a cumulative downgrade of 0.2 percentage points since its forecast a year earlier.

The National Publicity Secretary of the governing party at the centre further said: “In this global context, President Tinubu’s leadership and economic reforms have placed Nigeria as a standout performer, poised for sustained growth and development.

“As we applaud the progress achieved by President Tinubu’s economic reforms, we also acknowledge persistent challenges of food inflation, poverty and infrastructure deficits.”

Morka equally stated the World Bank has highlighted the pressing issue of food inflation with poor households allocating up to 70% of their income to food.

Projections indicate poverty levels will reach 61% in 2025, and 62% in 2026, affecting approximately 139 million Nigerian consumers.

He said the World Bank had also forecast a modest decline in poverty 2027, expected to result from gains from the administration’s economic strategy and targeted interventions, including agricultural productivity initiatives and expanded social protection programs for the most vulnerable.

The statement as well noted: “The government’s ongoing efforts to enhance fiscal transparency, strengthen public services, and massive infrastructure investments all support a strong and positive outlook for Nigeria, which will deliver more inclusive, equitable, and sustainable outcomes for Nigeria.

“The anticipated decline in poverty rate is consistent with the understanding that economic reforms are gestational and take time to yield all desired positive results, particularly at microeconomic levels.

“The bold market-based reforms have sparked productivity and historic diversification, resulting in trade surpluses in over five consecutive quarters and shrinking fiscal deficits.”

He also explained notably, trade surpluses increased by 44.3% in Q2 of 2025, reaching ₦7.46 trillion, while non-oil revenue rose by 40.5% to ₦20.59 trillion from January to August 2025.

“These performance records confirm Nigeria’s resurgence as a producing nation.

“The President’s creative and forward-thinking leadership has freed Nigeria from its suffocating age-old dependency on oil to a more diversified and resilient economy with steady growth in non-oil sectors.”

These, Morka stated, include agriculture, marine and blue economy, arts and creative industries, manufacturing, science and technology, and solid minerals.

He said: “These sectors are not only boosting overall growth but also creating jobs and wealth for our people.

“The administration has achieved notable milestones, including hitting the non-oil revenue target four months ahead of schedule and surpassing ₦2 trillion in FAAC monthly allocations for the first time delivering unprecedented capacity to all tiers of government to accelerate development and improve the living conditions of all Nigerians.

“The Nigeria Customs also exceeded its revenue target, collecting ₦3.68 trillion, ₦390 billion above set target.

“The end of Ways and Means financing, improved transparency in NNPC remittances, and harmonisation of the dual exchange rate have contributed to reduced inflation (20.1%) and stability of the Naira, even against oil price volatility.”

The party said at this pace of progress, and with growing Foreign Direct Investment (FDI), such as the $300 Billion commitment by Qatari investors, Nigeria is set to overcome major challenges and surpass the World Bank’s 2027 projections of growth and development.

According to APC, despite the self-serving and gloomy murmurs of the rudderless and confused political opposition that has proved incapable of articulating any viable alternative economic policy framework, President Tinubu remains undistracted and laser-focused on building a stronger and more prosperous Nigeria.

The statement noted that his re-election in 2027 would be a vote for Nigeria’s onward and confident march to enduring prosperity.

Morka added: “We urge all Nigerians to remain steadfast in support of APC and President Tinubu in this epochal journey of national renewal and prosperity.

“Today, our nation stands tall, with Renewed Hope, determination and optimism, ready to claim the fullness of the promise of that solemn stanza of our national creed: ‘And so with peace and plenty, Nigeria may be blessed.’ ”

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