The World Bank has commended Nigeria’s grassroots economic initiative, calling it a key strategy for strengthening local economies and promoting inclusive growth.
The recognition came during a meeting in Abuja on Thursday, September 25, 2025, between the World Bank Country Director, Matthew Verghis, and Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu.
The initiative focuses on empowering small businesses, farmers, and local entrepreneurs, aiming to stimulate broad-based economic development and reduce poverty across communities.
The World Bank highlighted that such sustainable local growth programs enhance income distribution and bolster long-term economic resilience.
In a parallel development, the Central Bank of Nigeria (CBN) announced a 50-basis point reduction in its benchmark interest rate to 27%, the first cut since 2020.
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CBN officials said the move is intended to stimulate investment and consumption without weakening the naira.
Economists have welcomed both measures, noting that combining grassroots empowerment with monetary policy easing could accelerate Nigeria’s economic recovery.
CBN Governor Olayemi Cardoso assured that the naira remains stable despite the rate cut, underscoring the central bank’s commitment to balancing growth and currency stability.