Mathew Verghis Named World Bank Country Director

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The World Bank has officially announced the appointment of Mathew Verghis as its new Country Director for Nigeria, effective July 1, 2025, ushering in a new phase of development collaboration between the international financial institution and Africa’s largest economy.

Verghis, an Indian national, takes over from Dr. Ndiame Diop, who has moved on to a new position within the World Bank structure. The transition marks a strategic move aimed at consolidating the Bank’s reform-driven portfolio in Nigeria, particularly in key areas such as fiscal policy, job creation, poverty alleviation, and economic resilience.

In an official statement released on Friday, the World Bank described Verghis as a “seasoned economist and development expert,” with over 20 years of experience in economic policy formulation and development finance. He joined the World Bank in 1999 and has served in senior leadership roles across Africa, East Asia, Europe, Central Asia, and most recently, as Regional Practice Director for Prosperity in the South Asia Region, based in Washington, D.C.


Speaking on his new role, Verghis expressed optimism about Nigeria’s development outlook, acknowledging the challenges while also highlighting significant opportunities for transformative growth.

“I am honored to take on this role and to work alongside the government and people of Nigeria. There is real potential for transformative growth that can improve lives, create jobs, and expand opportunities for all,” Verghis said. “I’m also excited to experience firsthand the rich culture and incredible energy of Nigeria.”


As Country Director, Verghis will oversee the World Bank’s development engagement and lending portfolio in Nigeria, which currently includes support for projects across infrastructure, education, healthcare, social protection, agriculture, digital economy, and fiscal reforms.


Verghis steps into his role at a time when Nigeria is undertaking sweeping economic reforms under President Bola Tinubu, including the unification of exchange rates, fuel subsidy removal, and efforts to stabilize public finances. These reforms align with the World Bank’s broader vision of structural transformation and inclusive economic development in developing economies.

His mandate also includes deepening strategic partnerships with key stakeholders such as the Federal and State Governments, civil society organisations, and private sector players to drive impactful projects that align with Nigeria’s National Development Plan (2021–2025) and the Bank’s Country Partnership Framework.

The new Country Director brings with him a strong academic foundation, holding both an M.A. and Ph.D. in Economics from the University of Notre Dame in the United States. He has authored several influential publications on growth dynamics, fiscal policy, labor markets, and poverty reduction, equipping him with insights that will shape his leadership approach in Nigeria.


Verghis replaces Dr. Ndiame Diop, whose tenure saw the approval of multiple World Bank financing packages for Nigeria, including support for the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme and major initiatives on power sector reform, basic education, and public financial management.

With over $11 billion in World Bank active commitments in Nigeria, Verghis will be responsible for ensuring that these projects deliver value and sustainability amid shifting economic dynamics and global financial pressures.

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