Reversing Nigeria's Economic Reforms Could Lead to Disaster - World Bank Warns

The World Bank has issued a stark warning to Nigeria about the potential consequences of reversing its current economic reforms.

Dr. Ndiame Diop, the World Bank Country Director for Nigeria, emphasized that while these reforms may be challenging, they are crucial for the nation's long-term stability. He cautioned, "Reversing these reforms would spell doom for Nigeria."

The call for sustained reform efforts was echoed by Nigeria's Finance Minister, Mr. Wale Edun, who highlighted the government's focus on reducing inflation and attracting investments into critical sectors like industry, which are vital for job creation.

Edun stated, "Any effort that is not sustained will be a waste," underscoring the importance of maintaining momentum.

Central Bank Governor Mr. Olayemi Cardoso also contributed to the discussion, pointing out the significance of promoting exports in light of recent exchange rate adjustments.

He noted, "The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods."