The World Bank Group has wrapped up plans for a five-year review of Nigeria’s economy, examining how the country’s current state compares with its situation five years ago.
Anna Bjerde, Managing Director of Operations at the World Bank and head of the bank’s delegation currently in the country, said the review aims to understand how institutional changes and reforms introduced over the past five years have affected the nation.
During a Sunday visit to Lagos State Governor Babajide Sanwo-Olu, Bjerde remarked that the economy has remained stable thanks to the reforms implemented by the current administration.
“The World Bank Group wants to do a five-year country review in Nigeria to see where the country and Lagos are compared to where they were five years ago”.
She said the economy has stayed stable thanks to the current administration’s reforms, adding that Lagos is still a key player on the World Bank dashboard, even though it’s just a subnational entity.
“Nigeria has shown great consistency, with policies remaining steady and boosting predictability, especially for investors. We appreciate the government’s work on improving the Ease of Doing Business and reducing red tape,” she said.
In the last five years, Nigeria has rolled out major economic and tax reforms to help steady its economy. A highlight was the passage of four Tax Reform Bills in June 2025, including the Nigeria Tax Act (NTA) and the Nigeria Tax Administration Act (NTAA), designed to boost tax collection and promote transparency.
Since May 2023, reforms have centered on fiscal discipline, digital innovation, and improving public financial management. These steps are part of a bigger push to boost governance, draw in investment, and support sustainable growth. They highlight Nigeria’s dedication to modernising its economic system despite ongoing challenges.
Bjerde shared her interest in collaborating with the Lagos State Government, praising the Babajide Sanwo-Olu administration’s work in Lagos as a model for national solutions. She mentioned that the World Bank Group is prepared to tap into Lagos’ strengths to enhance the private sector financing model for its projects, especially in infrastructure, energy, agriculture, tourism, and human capital development.
Lagos State Governor Babajide Sanwo-Olu reaffirmed his administration’s dedication to working with the World Bank Group on initiatives in energy, agriculture, tourism, human capital development, and other key sectors.
He said Lagos State is set to step up efforts to attract investments and partnerships aimed at improving residents’ living standards, adding that the state government will take the necessary steps to secure more World Bank support for infrastructure development.
At the meeting, which was also attended by the IFC Regional Vice President for Africa, Ethiopia Tafara, Governor Sanwo-Olu showcased his administration’s achievements over the past six years, driven by the THEMES+ developmental agenda, which has positively impacted millions of Lagos residents.
He shared that Lagos was ranked 29th in the national Ease of Doing Business index four years ago, but last year the state shot up to first place after doubling its performance across all areas.
