Cynthia Ezegwu
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has urged the World Bank to support Nigeria’s Renewed Hope Ward Development Programme, a grassroots initiative aimed at boosting local economies and contributing to President Bola Tinubu’s $1 trillion GDP target by 2030.
Bagudu made the appeal on Thursday in Abuja during a meeting with the World Bank’s new Country Director, Mr Matthew Verghis.
Describing the initiative as “transformative,” the minister said the programme would map economic opportunities in all 8,809 wards across the country. He explained that the National Economic Council had approved the programme, which would be coordinated by his ministry but implemented in partnership with federal, state, and local governments.
“The objectives, among others, are to promote sustainable and inclusive growth at the ward level, which will contribute to national development. This will support the $1tn GDP target by 2030 and help lift all Nigerians out of poverty,” Bagudu said.
The minister noted that Nigeria drew lessons from China’s poverty alleviation experience, India’s rural transformation, and Kenya’s bottom-up strategy but would adopt a model reflecting its federal system. He linked the ward initiative to the Nigeria Agenda 2050, which he described as ambitious but achievable.
“Agenda 2050 reflects our national consensus—enshrined in Chapter Two of our Constitution—that all tiers of government must work together to deliver economic, social, and environmental objectives. Our duty is to translate this vision into actionable five-year plans and annual budgets that are people-centred and results-driven,” he said.
Bagudu commended the World Bank for its consistent support during what he described as 28 months of “difficult but transformative reforms,” stressing that Nigeria must sustain its reform momentum.
Responding, Verghis commended Nigeria’s economic reforms, describing them as a “development breakpoint” that could reset the nation’s trajectory.
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“Nigeria’s recent decisions represent a critical moment. Such choices are not easy, but they create opportunities for a new path. The World Bank stands ready to continue supporting Nigeria in maintaining these reforms and increasing their impact,” he said.
He described the ward development initiative as “timely and practical,” adding that the bank was eager to build on existing models such as NG-CARES and the Nigeria for Women Project while drawing on global experiences from China, India, and Kenya.
“The objectives are jobs, prosperity, and inclusion. For the poorest, immediate support is needed; for the youth, opportunities for productivity; and for the nation, a pathway to sustained growth. These are challenges we want to work with you to address,” he added.
Thursday’s meeting marked Verghis’s first official engagement with the ministry since assuming office, reaffirming Nigeria’s partnership with the World Bank in promoting inclusive growth, poverty alleviation, and sustainable development.
Data from the bank’s website show that Nigeria secured $8.40bn in fresh loans between June 2023 and August 2025 across 15 projects in energy, education, healthcare, rural infrastructure, and governance. The amount included $1.95bn from the International Bank for Reconstruction and Development, $6.50bn from the International Development Association, and $122.19m in grants for two projects.