World Bank Urges Nigerians to Embrace And Not Reverse Tinubu’s Economic Reforms

The World Bank emphasizes the importance of supporting Nigeria’s economic reforms to ensure long-term stability and growth

The World Bank has called on Nigerians to fully support the ongoing economic reforms in Nigeria, cautioning that any opposition or reversal could have severe consequences for the nation’s economy. Speaking at the launch of the Nigeria Development Update (NDU) in Abuja, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, highlighted the significance of these reforms for the country’s long-term stability and prosperity.

Dr. Diop warned that rolling back the economic reforms in Nigeria would be detrimental, stating, “Reversing the reforms would spell doom for the country.” His remarks were echoed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who emphasized the need for sustained commitment to the reform agenda. He reiterated that abandoning these efforts would be a lost opportunity for Nigeria.

Mr. Edun also explained that reducing inflation and attracting investments in key sectors, such as industry, are priorities of the government. He noted that the removal of subsidies has freed up funds for critical areas like education and healthcare, further underlining the benefits of the current economic reforms in Nigeria.

Additionally, the Governor of the Central Bank, Mr. Olayemi Cardoso, spoke on the importance of promoting exports in light of exchange rate adjustments. He stressed that a moderated foreign exchange rate would boost the competitiveness of Nigerian goods and curb unnecessary imports, supporting the broader goals of the reform efforts.

As the country navigates these changes, both government officials and the World Bank have urged Nigerians to remain steadfast in their support for the reforms, recognizing their essential role in securing Nigeria’s economic future.