The World Bank has lauded Nigeria’s recent reforms, saying they have helped to stabilise the economy and position the country for a new growth trajectory capable of delivering jobs and prosperity.

Country Director, Matthew Verghis, stated this yesterday during the launch of the Sustainable Power and Irrigation for Nigeria (SPIN) project in Abuja.

Verghis said reforms implemented in recent years had created a strong foundation for economic transformation, but stressed that the next phase must translate those gains into growth and employment opportunities for Nigerians.

He disclosed that the World Bank Group is finalising a new Country Partnership Framework that would guide its engagement with Nigeria between 2026 and 2032, with a strong focus on jobs and economic opportunities.

According to him, water security, food security and energy remain critical pillars for sustainable economic development under the new strategy.

Verghis noted that the new framework also reflects a shift in the global agency’s approach, with deeper engagement with state governments where projects are implemented and results are felt.

He added that the development institution would increasingly focus on mobilising private sector investment, noting that public resources alone cannot meet Nigeria’s development needs.

The Country Director said the SPIN initiative builds on the successes of the Transforming Irrigation Management in Nigeria (TRIMING) Project, which is expected to reach over 1.7 million people and bring about 14,000 hectares of land under irrigation.

According to him, the new project will also leverage agricultural value chains by working with aggregators and technical experts to attract more investment into irrigation and farming.

Also speaking, the bank’s Global Director for Water, Saroj Kumar Jha, observed that the SPIN draws lessons from irrigation projects implemented in countries such as India, Indonesia and Vietnam.

Jha stressed the need to improve Nigeria’s water storage capacity, noting that many of the country’s over 400 dams are silted and poorly maintained.

He also emphasised the importance of strengthening water users’ associations to ensure proper maintenance of irrigation infrastructure and sustainable water management.

MEANWHILE, the Federal Government, yesterday, formally flagged off the $500 million SPIN project aimed at strengthening irrigation, improving dam safety and boosting hydropower generation to enhance food security.

Speaking at the event, the Minister of Water Resources and Sanitation, Prof. Joseph Terlumun Utsev, explained that the project aligns with the Renewed Hope Agenda of President Bola Tinubu and would modernise irrigation systems, expand year-round farming and strengthen Nigeria’s resilience to food security and climate challenges.