Abuja: The World Bank has underscored its strong support for Nigeria’s ongoing economic reforms, stressing the nation’s steady progress and the essential role of parliamentary oversight in ensuring development success.
Country Director Matthew Verghis said this Wednesday at a meeting with the Senate Committee on Capital Market, chaired by Sen. Osita Izunaso in Abuja.
Verghis emphasised the critical role of legislative oversight in accountability and effectiveness, especially for Bank-funded projects, and encouraged constructive parliamentary engagement.
He urged careful, constructive parliamentary engagement on all initiatives.
He emphasised the Bank’s recognition of Nigeria as a leading example of economic reform, noting that the Managing Director’s recent visit praised the country’s ongoing change initiatives.
“We appreciate Nigeria’s reform efforts and remain committed to supporting them,” he said.
Addressing oversight of environmental projects, Verghis welcomed further dialogue with lawmakers to identify challenges and practical solutions.
“We would welcome a follow-up discussion to better understand the challenges and how we can addresVerghis explained that in recent years, the Bank has shifted project implementation to the state level.to the state level.
“While the Federal Government remains the borrower through the Ministry of Finance, actual implementation is carried out by the states,” he said.
He said the approach reflects Nigeria’s decentralised governance structure and has led to more effective project implementation, with measurable improvements in outcomes at the state level.
“States that meet eligibility criteria can access funding, while those that do not may opt out,” Verghis added.
The Bank further highlighted women’s empowerment as a key driver of economic growth, central to its support in Nigeria.
“Several major programmes are underway to boost women’s participation in the economy,” he said, highlighting a forthcoming early childhood development initiative covering maternal health, child welfare, early education, and women’s access to learning.
Responding, Sen. Izunaso thanked the World Bank delegation and proposed a follow-up meeting in the third week of April.
He said the committee plans a technical session to improve lawmakers’ understanding of World Bank programmes and clarify the specific roles parliamentarians are expected to play in project success.
“During this session, a representative will walk us through the programme and clearly explain the expected role of parliamentarians in World Bank-supported activities,” Izunaso said, noting the benefit for many first-time committee members. He recommended that committee members join the Global Parliamentary Forum for international exposure and peer engagement. from other countries.
