October 17, 2024
The World Bank Country Director for Nigeria, Dr. Ndiame Diop, has advised Nigerians to support president Tinubu led government ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country.
Ndiame Diop, who urged Nigerians to be steadfast at the launch of the Nigeria Development Update (NDU) report in Abuja, stated that the reforms may be challenging, but they are crucial for the nation’s long-term stability.
He cautioned that a reversal of these reforms would be detrimental to the country and the people.
For his part, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed the importance of staying committed to the reforms. Noting that “Any effort that is not sustained will be a waste and assured that together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, they have been discussing how to stay on course.”
READ MORE; Naira dip to N1,625/$ in NAFEM
Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created. “We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip.”
On the removal of subsidies, Edun noted, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”
Central Bank Governor Mr. Olayemi Cardoso spoke on the importance of promoting exports in light of the exchange rate adjustments.
According to the CBN boss, “The moderation in forex should make our goods more competitive for export and discourage unnecessary importation.
