Prosper Okoye
The World Bank has declared Nigeria an emerging model for economic reform among developing nations, reaffirming its commitment to support the country’s recovery efforts while calling for stronger legislative oversight to ensure accountability and impact.
The endorsement came as the bank highlighted steady progress in Nigeria’s reform agenda, noting that recent policy measures are beginning to yield positive outcomes and positioning the country as a reference point for others pursuing similar economic transitions.
World Bank Country Director for Nigeria Mathew Verghis made the remarks Wednesday during a meeting with the Senate Committee on Capital Market in Abuja. He said the institution remains fully aligned with Nigeria’s reform trajectory and is ready to deepen its support across key sectors.
Verghis said the bank’s Managing Director recently visited Nigeria and commended the pace and direction of reforms, describing the country as a growing example for nations seeking to stabilize and reposition their economies. He stressed, however, that sustaining the gains of these reforms would depend significantly on effective parliamentary oversight, particularly for projects funded by development partners.
“Legislative scrutiny is essential to ensuring transparency, proper utilization of funds and the overall success of intervention programs”, he said.
Verghis urged lawmakers to apply oversight constructively so that it strengthens implementation rather than hinders progress.
“Legislative oversight remains a critical pillar for ensuring accountability and effectiveness, especially in projects supported by the World Bank,” he said.
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The country director also disclosed that the bank has in recent years adopted a decentralized implementation approach in Nigeria, with a growing number of projects now executed at the state level.
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
