By DAYO ADESULU
Key Leaders Stress Importance of Sustaining Current Policies Amid Challenges
The World Bank has called on Nigerians to actively support the ongoing economic reforms, warning that any opposition or reversal of these measures could lead to severe negative outcomes for the nation.
Insights from the Nigeria Development Update Report
During the launch of the Nigeria Development Update (NDU) report in Abuja, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, emphasized the critical nature of these reforms for the country’s long-term stability. He acknowledged the challenges posed by the reforms but insisted they are essential for Nigeria’s future.
Dr. Diop cautioned against rolling back these reforms, stating, “Reversing the reforms would spell doom for Nigeria.”
Commitment from Government Officials
Supporting this message, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed the need for ongoing commitment to the reforms. He remarked, “Any effort that is not sustained will be a waste.” Edun emphasized that discussions are ongoing with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning to ensure adherence to the reform agenda.
He further explained that the government’s priority lies in reducing inflation while facilitating investment in critical sectors, particularly industry, to generate job opportunities. “We are prioritizing market pricing and have engaged with labor unions to clarify why we must seize this opportunity,” Edun added.
Benefits of Subsidy Removal
Regarding the removal of subsidies, Edun highlighted the benefits, stating, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.” This approach aims to reallocate resources to areas that directly impact the quality of life for Nigerians.
Focus on Exports and Currency Adjustments
Additionally, Central Bank Governor Mr. Olayemi Cardoso emphasized the need to enhance exports in light of recent exchange rate adjustments. He pointed out that “the moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods,” which is vital for strengthening Nigeria’s economy.