The World Bank has issued a strong warning that undoing the economic reforms introduced by Bola Tinubu’s administration could have serious consequences for Nigeria’s economic future.
Ndiame Diop, the World Bank Country Director for Nigeria, delivered this warning during the launch of the Nigeria Development Update (NDU) report in Abuja.
Diop explained that the reforms implemented by the Tinubu administration, despite facing short-term difficulties, are crucial for ensuring Nigeria’s long-term economic stability.
He warned that reversing these reforms could lead to major economic setbacks.
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The reforms, which include the removal of fuel subsidies and the liberalization of the foreign exchange market, are designed to address structural problems in Nigeria’s economy, promote fiscal sustainability, and foster an environment conducive to investment and economic growth.
However, these reforms have also triggered immediate challenges, such as rising inflation and increased cost of living, sparking debate about their impact on ordinary Nigerians.
The World Bank stressed the need to continue with these reforms, highlighting that although they are tough, they are necessary for sustained economic recovery.
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