‘Hands on the Plough’: Tinubu Vows No Reversal on Economic Reforms

​ABUJA – President Bola Ahmed Tinubu has reaffirmed his administration’s “unwavering commitment” to the current economic trajectory, declaring that the federal government has no intention of reversing the removal of fuel subsidies or the unification of the foreign exchange market.

​Speaking at the State House on Tuesday during a high-level meeting with a World Bank delegation led by Managing Director of Operations, Anna Bjerde, the President likened his reform agenda to a farmer’s labor. “Since we went into this tunnel of reform, we have our hands on the plough and we are never going to look back,” Tinubu stated.

​From Pain to Prosperity

​Acknowledging the “initial shock” and high inflation that followed the subsidy removal, the President maintained that the sacrifices were necessary to rescue the nation from a “corrupt environment” characterized by arbitrage and fiscal leakage. He noted that the economy is already showing signs of stabilization, with the Naira finding its level and inflation beginning to recede.

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​The President emphasized that Nigeria, as the “heart of the continent,” must take the lead in implementing difficult structural changes to ensure long-term stability.

​Agriculture and Youth: The New Frontiers

​A central pillar of the discussion was the administration’s pivot toward agricultural mechanization and youth empowerment. To transition from subsistence to commercial farming, Tinubu outlined several key initiatives:

• ​Zonal Mechanization Centres: Establishing hubs to provide farmers with modern equipment.

• ​Fertilizer Access: Leveraging the nation’s growing petrochemical industry to boost local fertilizer production.

• ​Farmer Cooperatives: Moving small-scale holders into large-scale cooperatives to improve market access and creditworthiness.

​”How do we help the farmers to convert the local market for fertilizers to improve their yields?” Tinubu asked, urging the World Bank to support these efforts with “innovative financing models” and “de-risking of private investment.”

​Global Recognition

​The World Bank’s Anna Bjerde lauded Nigeria’s “steady, credible reform leadership,” noting that the country is now a global reference point for economic resilience. She revealed that the Bank is preparing a new Country Partnership Framework for Nigeria, aligned with the President’s vision of a $1 trillion GDP and 7% annual growth.

​The World Bank currently maintains a public sector portfolio of approximately $17 billion in Nigeria, with an additional $5 billion in annual investments through the International Finance Corporation (IFC).