The World Bank has urged Nigerians to support the ongoing economic reforms by President Bola Tinubu-led Federal Government, warning that any opposition or reversal could have devastating consequences for the country.
Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, World Bank Country Director for Nigeria, Dr. Ndiame Diop, stressed that while the reforms are difficult, they are critical for Nigeria’s long-term stability.
“Reversing the reforms would spell doom for Nigeria,” Dr. Diop cautioned, underscoring the importance of sustained efforts to stabilize the economy.
In alignment with the World Bank’s stance, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the government’s commitment to staying the course.
“Any effort that is not sustained will be a waste,” Edun stated, adding that discussions with the Central Bank and the Ministry of Budget and National Planning have been focused on maintaining reform momentum.
Edun highlighted the focus on reducing inflation and attracting investments in key sectors, especially industries that can generate jobs.
He emphasized, “We are prioritizing market pricing and engaging with labor unions to explain why we cannot afford to let this opportunity slip.”
Addressing the removal of subsidies, Edun noted, “Every day without subsidies means more funds for critical areas like education and healthcare.”
Central Bank Governor Mr. Olayemi Cardoso also weighed in, stressing the importance of boosting exports amid exchange rate adjustments.
“The moderation in the FX rate should make our goods more competitive for export and reduce the importation of unnecessary goods,” Cardoso said.
The coordinated message from Nigeria’s economic leaders and the World Bank signals a clear focus on sustaining reform efforts as the path to long-term growth and economic stability.