Reversing current economic reforms spells doom for Nigeria – World Bank

The World Bank has charged Nigerians to support the ongoing economic reforms, warning against opposing or reversing them.

It said doing so could have serious negative consequences for the country.

The World Bank Country Director for Nigeria, Dr. Ndiame Diop, made this call at the Nigeria Development Update, NDU report launch in Abuja.

Diop, who stressed that while the reforms may be challenging, they are crucial for the nation’s long-term stability, warned that rolling back these reforms would be detrimental; saying reversing them would spell doom for Nigeria.

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

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Edun further explained that the government focuses on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created.

He stated, “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.”

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

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.