Hardship Don’t Reverse Current Reforms, World Bank Tells FG

Hardship Don’t Reverse Current Reforms, World Bank Tells FG

The World Bank has advised Nigeria’s Federal Government not to reverse its ongoing economic reforms, warning that such a move could have severe negative consequences for the country.…..CONTINUE READING 

This advice follows significant public dissatisfaction with the government’s economic policies, particularly the removal of fuel subsidies and the unification of foreign exchange rates, both introduced on the first day of President Bola Tinubu’s administration.

Speaking at a press briefing in Abuja during the launch of the Nigeria Development Update (NDU) report, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, acknowledged that while the reforms are causing immediate hardship, they are crucial for the country’s long-term stability.

Diop emphasized that reversing the reforms would be disastrous, stating, “Reversing these reforms would be detrimental and spell doom for Nigeria.”

Since the removal of the fuel subsidy, Nigeria’s economic landscape has shifted dramatically, with the pump price of petrol soaring from ₦198 to over ₦1,000 per litre. Likewise, the naira has significantly depreciated, now trading above ₦1,700 to the dollar in the parallel market, compared to just below ₦600 before the reforms.