The World Bank has set out crucial reforms Nigeria must adopt by 2025 to ensure economic recovery. This is according to Indermit Gill, Senior Vice President at the World Bank, who was speaking at the Nigeria Economic Summit.
First, he says, Nigeria must capitalise on its competitive exchange rate, the most favourable in 20 years, to drive non-oil imports and boost private sector growth.
Second, the government needs to protect vulnerable households from inflation, expanding its targeted cash transfer program that already supports 4-5 million households.
Third, Nigeria must put in place a cost-effective social safety net funded by savings from ending fuel subsidies and resolving exchange rate distortions.
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Mr Gill also cautioned the Central Bank to control inflation and resist short-term capital inflows, urging a focus on building foreign reserves to guard against oil price shocks.
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