The World Bank has appointed Mathew Verghis as its new Country Director for Nigeria, effective July 1, 2025. He takes over from Ndiame Diop, who has assumed a new position within the institution.
An Indian national, Verghis brings over 25 years of experience in development economics, public finance, and policy reform across Africa, Asia, and Europe. Since joining the World Bank in 1999, he has held various senior roles, most recently serving as Regional Director for Equitable Growth, Finance, and Institutions in South Asia, based in Washington, D.C.
“This is a critical moment for Nigeria’s development journey,” Verghis said. “I am honoured to take on this role and work alongside the government and people of Nigeria. The country has enormous potential for transformative growth that can create jobs, improve lives, and expand opportunities. I also look forward to experiencing Nigeria’s vibrant culture and energy.”
In his new role, Verghis will oversee the World Bank’s largest portfolio in Africa — one of the biggest globally — managing billions of dollars in active commitments. He will lead strategic engagement with government, the private sector, and civil society to support reforms, promote inclusive growth, and tackle key development challenges.
The World Bank’s Role in Nigeria
The World Bank remains a key partner in Nigeria’s development, providing financing, technical assistance, and policy advice across sectors including energy, health, education, agriculture, social protection, the digital economy, and governance.
It has played a central role in supporting Nigeria’s macroeconomic stabilization, structural reforms, and climate resilience efforts.
Recently, the Bank approved a $2.25 billion loan package to support fiscal and power sector reforms, along with an additional $65 million for the SPESSE project to strengthen human capital development.
Through its private sector arm, the International Finance Corporation (IFC), the World Bank is working with the Nigerian government on unlocking infrastructure financing through Public-Private Partnerships (PPPs). Talks are ongoing with the Infrastructure Concession Regulatory Commission (ICRC) to develop innovative funding models for major infrastructure projects.
In addition, a $10.5 million grant is being prepared under the Finance for Development Multi-Donor Trust Fund to strengthen the Central Bank of Nigeria’s technical capacity and modernize domestic payments infrastructure.
Verghis holds an M.A. and Ph.D. in Economics from the University of Notre Dame. His appointment comes at a pivotal time, as Nigeria pushes ahead with reforms aimed at stabilizing the economy and attracting investment.
