Abuja, Oct. 17, 2024 – The World Bank has advised Nigeria to sustain the current economic reforms in spite of their challenges.
Dr. Ndiame Diop, the World Bank Country Director in Nigeria, gave the advice in Abuja on Thursday at the launch of Nigeria Development Update report.
He said reversing the reforms could have serious negative consequences for the country.
Diop said while the implementation of the reforms might bring their challenges, they were crucial for the long-term stability of the economy.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, also said it was important for Nigeria to stay committed to the reforms.
He said the government’s focus was on reducing inflation, while ensuring investments flow into critical sectors like industry where jobs could be created.
“We are prioritising market pricing and have sat down with labour unions to explain why we cannot afford to let this opportunity slip.
“Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), said it was important that Nigeria should now begin to promote exports in view of the exchange rate adjustments.
“The moderation in the foreign exchange rate should make our goods more competitive for export and discourage importation of unnecessary goods,” he said. (GBN)
