Don’t oppose, reverse ongoing economic reforms, World Bank tells Nigerians |

The World Bank has encouraged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country.

The World Bank Country Director for Nigeria, Dr. Ndiame Diop, gave the advice while speaking at the launch of the Nigeria Development Update (NDU) report in Abuja.

Dr. Diop emphasized that while the reforms may be challenging, they are crucial for the nation’s long-term stability.

According to him, opposing or reversing these reforms would be detrimental to the development of the country.

“Reversing the reforms would spell doom for Nigeria,” Dr. Diop asserted.

Similarly, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the importance of staying committed to the reforms. 

“Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course,” Edun said.

He further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created. 

“We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip,” he noted.

Speaking on the removal of subsidies, Edun noted, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”

Also speaking, Central Bank Governor Mr. Olayemi Cardoso highlighted the importance of promoting exports in light of the exchange rate adjustments. 

“The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods,” he said

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