The World Bank has called on Nigerians to support the country’s ongoing economic reforms, warning that reversing them could have dire consequences. Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, World Bank Country Director Dr. Ndiame Diop stressed that, although challenging, the reforms are vital for Nigeria’s long-term stability. "Reversing the reforms would spell doom for Nigeria," he cautioned.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, echoed this sentiment, urging sustained commitment to the reforms. He explained that the government is focused on reducing inflation and boosting investment in key sectors like industry to create jobs, adding, "We cannot afford to let this opportunity slip."
Edun also highlighted the importance of subsidy removal, noting that the funds saved are being redirected to essential areas like education and healthcare. "Every day without subsidies means more funds available for critical expenditures," he said.
Central Bank Governor Mr. Olayemi Cardoso emphasized the need to promote exports amid exchange rate adjustments. He pointed out that the moderation in the foreign exchange rate should help make Nigerian goods more competitive internationally, while reducing the importation of unnecessary products.
