Nigeria becomes the third-largest debtor to the World Bank's International Development Association (IDA).
in

Reversing Economic Reforms Could Spell Disaster for Nigeria – World Bank Warns

The World Bank has urged Nigerians to support the ongoing economic reforms, warning that any attempt to reverse these changes could have severe consequences for the nation’s future.

Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that although the reforms are challenging, they are essential for the country’s long-term stability. He cautioned that reversing these reforms would “spell doom” for Nigeria.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, echoed Diop’s sentiments, stressing the importance of maintaining commitment to the reforms. Edun explained that the government’s focus is on reducing inflation while attracting investments to critical sectors like industry to create jobs.

“Any unsustained effort will be wasted,” Edun stated, adding that discussions with labor unions and key stakeholders highlight the importance of staying the course and avoiding missed opportunities.

Central Bank Governor Mr. Olayemi Cardoso also weighed in, noting that the recent adjustments in exchange rates should promote exports and curb the importation of non-essential goods, helping balance Nigeria’s trade position.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

Nigeria collaborates with Cisco to enhance digital security

Nigeria collaborates with Cisco to enhance digital security

MTN asserts that there will be no forgiveness of debt for subscribers

MTN launch a 5G digital experience center in Abuja