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Tag: World Bank

  • World Bank cuts global growth forecast to 2.3% for 2025

    World Bank cuts global growth forecast to 2.3% for 2025

    Global economic growth is projected to slow to 2.3 per cent in 2025 due to mounting trade tensions and persistent policy uncertainty, according to the World Bank’s latest Global Economic Prospects report.

    A statement from the bank’s Online Media Briefing Centre on Tuesday noted that the new forecast was nearly half a percentage point lower than the rate projected at the beginning of the year.

    The report indicated that the slowdown would mark the weakest non-recessionary global growth since 2008.

    “The turmoil has resulted in growth forecasts being cut in nearly 70 per cent of all economies, across all regions and income groups,” the report states.

    In spite of the gloomy outlook, a global recession is not anticipated. However, if current projections hold, average global growth in the first seven years of the 2020s would be the slowest of any decade since the 1960s.

    Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice-President for Development Economics, warned of deepening stagnation in the developing world.

    “Outside of Asia, the developing world is becoming a development-free zone. It has been advertising itself for more than a decade,” he said.

    Gill noted that growth in developing economies had declined steadily, from 6 per cent annually in the 2000s, to 5 per cent in the 2010s, and to under 4 per cent in the 2020s.

    This trend mirrored the slowdown in global trade, which fell from an average of 5 per cent in the 2000s to under 3 per cent today. Investment growth had also weakened, while debt had surged to record levels.

    The report projected that growth would slow in nearly 60 per cent of developing economies in 2025, averaging 3.8 per cent before a modest rise to 3.9 per cent in 2026 and 2027.

    The report added that more than a full percentage point below the average of the 2010s.

    “Growth in low-income countries is expected to reach 5.3 per cent in 2025, a 0.4 percentage point downgrade from earlier forecasts.

    “Tariff hikes and tight labor markets are expected to keep global inflation elevated, with a projected average of 2.9 per cent in 2025, still above pre-pandemic levels.”

    The World Bank warned that slowing growth would hinder efforts by developing economies to create jobs, reduce poverty, and close the income gap with advanced economies.

    “Per capita income growth in these economies is forecast at 2.9 per cent in 2025, 1.1 percentage points below the 2000–2019 average.

    “Assuming developing countries (excluding China) maintain a GDP growth rate of 4 per cent the forecast for 2027, it would take them about two decades to return to their pre-pandemic growth trajectory.”

    Still, the report noted that global growth could rebound more quickly if major economies reduced trade tensions.

    It said that resolving current disputes and halving tariffs could boost global growth by 0.2 percentage points over 2025 and 2026.

    In response to rising protectionism, the World Bank urged developing economies to diversify trade, pursue strategic partnerships, and engage in regional agreements.

    Given constrained public resources and growing development needs, policymakers are encouraged to mobilise domestic revenue, prioritise spending for the most vulnerable, and enhance fiscal management.

    To drive sustainable growth, the report emphasised the need to improve business environments, expand productive employment, and align workforce skills with market demands.

    Finally, it highlighted the importance of global cooperation in supporting the most vulnerable economies through multilateral initiatives, concessional financing, and targeted relief for countries affected by conflict.

  • World Bank delivers verdict on Nigeria’s economy

    World Bank delivers verdict on Nigeria’s economy

    The World Bank says Nigeria’s economy is showing strong signs of improvement, thanks to the country’s commitment to far-reaching economic reforms.

    Taimur Samad, the Bank’s Acting Country Director for Nigeria, made the remark on Monday in Abuja while presenting the latest Nigeria Development Update (NDU) report titled “Building Momentum for Inclusive Growth.”

    He said key indicators—such as a stabilised exchange rate, rising foreign reserves, and strengthened fiscal conditions—signal positive progress.

    According to Samad, improved fiscal conditions were largely driven by a sharp rise in federation revenues, contributing to a brighter economic outlook.

    He noted that Nigeria’s economy grew by 4.6% year-on-year in the last quarter of 2024, bringing full-year growth to 3.4%—the highest since 2014, excluding the 2021–2022 post-pandemic rebound.

    “Also, the fiscal deficit narrowed significantly, from 5.4% of GDP in 2023 to 3.0% in 2024,” he said.

    “Federation revenues nearly doubled, rising from N16.8 trillion (7.2% of GDP) in 2023 to an estimated N31.9 trillion (11.5% of GDP) in 2024.”

    However, Samad acknowledged that challenges remain, particularly the persistence of high inflation. He underscored the importance of the Central Bank of Nigeria maintaining tight monetary policies to stabilise the economy.

    He projected that, if current efforts are sustained, inflation could ease to just over 22% on average by 2025—a significant step forward.

    The report also stressed that sustaining macro-fiscal reforms will be key to unlocking private sector growth and job creation.

    “Nevertheless, it is clear that continued momentum and deeper reforms are essential to drive inclusive growth and expand economic opportunities,” Samad added.

    Alex Sienaert, the World Bank’s Lead Economist for Nigeria, called for prudent management of revenue gains from fuel subsidy removal and warned against overly optimistic budget assumptions for 2025.

    He urged an expansion of the targeted cash transfer programme to support vulnerable Nigerians.

    Sienaert outlined further steps for macroeconomic stability: reducing the cost of governance, accelerating growth, and prioritising a private sector-led, public sector-supported development model.

    He emphasised the need to close infrastructure gaps—particularly in electricity and transportation—create a more competitive business environment, improve access to finance, and boost productivity in key sectors.

    ~The Nigeria Development Update (NDU) is a biannual World Bank publication that analyses Nigeria’s economic and social trends and outlines key medium-term development challenges.

  • World Bank raises alarm over soaring rural poverty in Nigeria

    World Bank raises alarm over soaring rural poverty in Nigeria

    The World Bank has expressed serious concern over the worsening poverty crisis in Nigeria, revealing that approximately 75.5% of rural Nigerians now live below the poverty line. This is according to the institution’s April 2025 Poverty and Equity Brief for Nigeria.

    The report highlights growing economic disparity, with rural areas bearing the brunt due to inflation, insecurity, and stagnating local economies. While 41.3% of urban residents are classified as poor, poverty levels are significantly more severe in the countryside.

    Using data from Nigeria’s National Bureau of Statistics (NBS), the Bank stated that as of 2018/19, 30.9% of Nigerians lived on less than $2.15 a day. Northern regions recorded poverty rates as high as 46.5%, compared to 13.5% in the South, further underscoring deep regional inequality.

    The World Bank also cited that children aged 0–14 face a 72.5% poverty rate, and poverty levels correlate strongly with education. For instance, individuals with no formal education suffer an almost 80% poverty rate, while those with tertiary education fare far better at 25.4%.

    Access to basic amenities remains limited. Nearly 40% of Nigerians lack electricity, 45% lack basic sanitation, and over 32% have no access to clean water. Education access is also limited, with 17.6% of adults not completing primary school and 9% of households having out-of-school children.

    The Bank warned that the country’s economic growth has failed to keep pace with population increases. Despite recent reforms, high inflation continues to erode incomes, particularly in urban areas where job creation remains sluggish.

    In response, the World Bank called for urgent reforms to shield vulnerable groups from inflation, stimulate employment through productive investments, and address systemic barriers like weak institutions and policy inconsistencies.

    Meanwhile, African Development Bank (AfDB) President Akinwumi Adesina criticized Nigeria’s economic stagnation, saying Nigerians are worse off today than they were at independence in 1960. He cited declining per capita income and compared Nigeria’s economic trajectory unfavorably with that of South Korea.

    However, the Nigerian Presidency rejected Adesina’s remarks, with presidential spokesperson Bayo Onanuga disputing his figures and accusing him of political bias. Onanuga argued that GDP per capita does not fully reflect improvements in infrastructure, access to technology, healthcare, and education since independence.

    Civil society leaders also weighed in. ActionAid Nigeria blamed persistent poverty on government corruption and poor policy decisions, especially recent economic reforms that worsened conditions for many Nigerians. Economist Garba Sheka echoed the World Bank’s concerns, warning that rising poverty could undermine national stability if not urgently addressed.

  • Nigeria, World Bank set job creation agenda

    Nigeria, World Bank set job creation agenda

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says Nigeria is working with the World Bank to develop a job-creation agenda.

    Edun made this known during an interview with journalists after the World Bank Development Committee plenary held on Friday in Washington D.C.

    He said the meeting focused on creating jobs and ensuring that young people in Nigeria have a secure and promising future.

    According to him, the aim is to set a direction for the World Bank and its Governors to agree on a forward-looking development agenda.

    Edun explained that the role of multilateral development institutions is central to driving global development, particularly through collaboration with country governors.

    He emphasised the importance of the World Bank’s focus on job creation as a way of securing the future for young people globally.

    He added that Africa, with a projected 25 per cent of the world’s youth by 2050, was a key focus of the discussion.

    The minister noted that a stable macroeconomic environment and financial security are essential to support job creation in Nigeria.

    He stressed the need to attract private sector investment to generate quality, domestic jobs rather than relying on outsourced roles.

    Edun said the committee’s priorities align with President Bola Tinubu’s economic agenda, which aims to stabilise the economy and attract both local and foreign investors.

    He stated the plan includes raising productivity, growing the economy and especially creating employment opportunities for Nigeria’s youth.

    According to Edun, another goal is to prevent young people from leaving their countries in search of better-paying jobs abroad.

    “The objective is to create jobs locally, empower youth, and support this through essential infrastructure.

    “For young people, that includes digital infrastructure — access to data, internet, and fibre optic networks — to enable them to work remotely,” he added.

  • Why Nigeria can become global economic growth driver-World Bank

    Why Nigeria can become global economic growth driver-World Bank

    Dr. Ndiame Diop, the World Bank Country Director for Nigeria, has emphasized that Nigeria’s rapidly growing working-age population, which is expected to reach approximately 100 million in the next 25 years, presents a unique opportunity for the country to become a major global economic driver. According to Diop, this demographic growth will not only outpace that of Africa but will also have global significance, particularly given the aging populations in East Asia and Europe.

    However, Diop stressed that realizing this potential depends on Nigeria’s ability to create millions of additional formal, productive job opportunities for its increasingly educated and tech-savvy youth. He made these remarks during the Distinguished Personality Lecture Series, organized by the Department of Agricultural Economics at the University of Ibadan on Tuesday. The lecture, titled “Leveraging Agricultural Transformation for Sustainable Economic Development in Nigeria: Key Considerations,” was chaired by Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, at the Trenchard Hall of the University.

    In his address, Dr. Diop highlighted the importance of transforming Nigeria’s economy, noting that economic growth alone is not enough. He argued that the country’s transformation must accelerate the transition of workers from low-productivity, low-paying, and often informal jobs to more productive and higher-paying positions.

    Drawing on both economic theory and real-world examples, Diop emphasized the critical role of agricultural transformation in boosting the overall competitiveness of Nigeria’s economy. He pointed out that enhancing agricultural productivity is key to reducing poverty and raising income levels, particularly in developing countries where agriculture often accounts for a large portion of employment.

    Dr. Diop elaborated on the demographic shift Nigeria is facing, with around 5.5 million people entering the labor force each year. Over the next quarter-century, the country’s working-age population is expected to grow by 100 million. He called this rapid increase a “unique opportunity” for Nigeria to emerge as a major economic force, particularly in the context of demographic trends in other regions such as East Asia and Europe.

    Despite this opportunity, Diop noted the significant challenge Nigeria faces in creating formal employment. He explained that only about 8 percent of employed youth in Nigeria held formal jobs in 2019. He also pointed out that African nations, including Nigeria, tend to create far fewer formal jobs per unit of GDP growth compared to other regions, generating about half the number seen in East Asia.

    This low proportion of formal sector jobs, combined with the dominance of informal, low-productivity work, means that securing employment in many African countries, including Nigeria, does not guarantee an escape from poverty. In fact, a large majority of workers in these nations do not earn enough to reliably enter or remain in the middle class.

    To improve employment outcomes, Dr. Diop stressed that Nigeria’s economy must not only grow faster but also undergo a significant transformation. This transformation needs to focus on shifting workers from low-wage, informal jobs to higher-productivity, formal employment. He also emphasized the importance of boosting agricultural productivity, especially since agriculture employs a large portion of the workforce in many developing countries, where it has some of the lowest productivity levels.

    In conclusion, Dr. Diop argued that fostering such a transformation is crucial for Nigeria’s economic development and poverty reduction, with agriculture playing a pivotal role in lifting the nation toward a more prosperous and sustainable future.

     

  • World Bank approves $1.08bn loan for Nigeria’s education, nutrition

    World Bank approves $1.08bn loan for Nigeria’s education, nutrition

    The World Bank has approved three financing initiatives totaling $1.08 billion to support education, nutrition, and economic resilience in Nigeria.

    The loans are aimed at improving education quality, strengthening community resilience, and boosting nutrition for underserved groups, according to a statement released by the bank.

    The funding package includes $500 million in additional support for the Community Action for Resilience and Economic Stimulus Programme, $80 million for the Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500 million for the Hope for Quality Basic Education for All (HOPE-EDU) initiative.

    The NG-CARES Programme, originally designed to help mitigate the economic impact of COVID-19, will now focus on expanding access to livelihood support, food security services, and grants for vulnerable households. The programme has already benefited over 15 million people and has evolved into a versatile platform offering social transfers, labor-intensive public works, livelihood grants, and small business support. The new financing will enhance its impact, especially as Nigeria faces economic challenges stemming from the 2023 fuel subsidy removal and currency unification.

    The ANRIN 2.0 program aims to improve nutrition services for pregnant women, lactating mothers, adolescent girls, and children under five. The initiative seeks to improve maternal and child health, nutrition services, and food security in targeted areas, aligning with Nigeria’s National Development Plan (2021-2025). It builds on the success of the previous program, which provided nutrition services to more than 13 million children under five from 2018 to 2024.

    The HOPE-EDU initiative is designed to improve foundational literacy and numeracy, increase access to basic education, and strengthen education systems across participating states. The project is expected to benefit 29 million public primary school students, 500,000 teachers, and more than 65,000 schools. It will also address issues like overcrowded classrooms and the decentralized distribution of education funds. Additionally, the program will receive $52.18 million in funding from the Global Partnership for Education Fund.

    Dr. Ndiamé Diop, the World Bank Country Director for Nigeria, emphasized the importance of investing in human capital to unlock Nigeria’s potential. He stated, “These new programs will accelerate improvements in education and help vulnerable communities. The HOPE-EDU initiative, in particular, will implement bold reforms and investments to provide the fast-growing young population with the skills needed for rapid and inclusive economic growth.”

    Diop also highlighted that ANRIN will improve access to micronutrient-rich foods and nutrition services at primary healthcare levels, while the NG-CARES funding will help Nigeria shift from pandemic recovery to long-term resilience, particularly amid the country’s ongoing economic challenges.

  • Why I pulled out of World Bank loan, refused to borrow – Soludo

    Why I pulled out of World Bank loan, refused to borrow – Soludo

    Anambra State Governor, Charles Chukwuma Soludo says his administration pulled out of an existing loan arrangement with the World Bank to save the state from “debt overhang”.

    Soludo said this while addressing members of the Late Sen. Ifeanyi Ubah Media team who were on inspection of the ongoing Government House and Governors Lodge project in Awka on Sunday.

    He said his administration had not only refused to borrow from any bank or institution but also refused to access the Federal Government loan to states in 2024.

    He said that notwithstanding the development, his administration had embarked on ambitious and people oriented projects which were at various stages of completion.

    According to him, it may interest you to know that Anambra is the only state that pulled out of an existing World Bank loan arrangements which was signed before I came in.

    “I looked at the terms of the loan and I said it was not sustainable; it was easy to continue with it because the next generation will pay but based on the terms, it was a bad deal for Anambra.

    “Last year N438 billion was distributed to 35 states, Anambra was the only state that did not take it. I need money but I cannot borrow my state into slavery,” he said.

    Soludo said he was giving Anambra a permanent Government House and Governor’s Lodge 34 years after it was created, expressing regret that the facilities had exited at a construction company office and outside Awka respectively.

    He said that it was a magnificent project with about 34 buildings which were being built to last, such that in the next 200 years, they would still be standing like the White House in America.

    “I said we are going to break the jinx and we are doing that with the biggest and the best that somebody said is going to be like a mini city,” he said.

    Soludo said he had done over 750 kilometers of roads with about 410km completed with attention to parts of the state that had not seen tarred roads since their existence.

    “We have touched education, health, youth empowerment, social reorientation and bringing back our value of dignity in labour against this new get rich quick mentality that is destroying our youths.

    “I told Anambra people when I was sworn in that I will show them where every Kobo they gave me is channeled,” he said.

    Mr Kamen Ogbonna, the Leader of the Ubah media team said they were impressed with what the governor was doing as it aligned with their Philosophy.

    Ogbonna said it was interesting to note that Soludo had made such progress in three years without borrowing from any source.

    “The magnitude of the Government House and Governors Lodge will tell you why other governors carefully avoided the project,” he said.

    Nollywood stars including Steve Alajemba (Uwaezuoke) and Collins Monago who were on the trip lauded Soludo for his works and urged Anambra people to support him to continue the good job as they prepared  for Nov. 8 guber.

  • Global commodity prices set to fall – World Bank warns

    Global commodity prices set to fall – World Bank warns

    The World Bank has projected energy prices to drop by six percent in 2025, and an additional two percent in 2026.

    Also, it said that global food prices are set to fall nine percent this year, and an additional four percent in 2025 before leveling off, but would still leave food prices nearly 25 percent above the average level from 2015 through 2019.

    The Bank added that from 2024 through 2026, global commodity prices are projected to plummet by nearly 10 percent.

    This is contained in the World Bank’s latest Commodity Markets Outlook released on Tuesday.

    The Report states, “Global commodity prices are set to tumble to a five-year low in 2025 amid an oil glut that is so large that it is likely to limit the price effects even of a wider conflict in the Middle East. Even so, overall commodity prices will remain 30% higher than they were in the five years before the COVID-19 pandemic.

    “Next year, the global oil supply is expected to exceed demand by an average of 1.2 million barrels per day, a glut that has been exceeded only twice before – during the pandemic-related shutdowns in 2020 and the 1998 oil – price collapse.

    The World Bank explained that the new oversupply partly reflects a major shift in China, where oil demand has essentially flatlined since 2023 amid a slowdown in industrial production and an increase in sales of electric vehicles and trucks powered by Liquefied Natural Gas (LNG).

    It noted that in addition, several countries that are not part of the Organization of Petroleum Exporting Countries or its allies (OPEC+) are expected to ramp up oil production, stressing that “OPEC+ itself maintains significant spare capacity, amounting to 7 million barrels per day, almost double the amount on the eve of the pandemic in 2019”.

    Shading more light on the development, the Report states, “From 2024 through 2026, global commodity prices are projected to plummet by nearly 10%.

    “Global food prices are set to fall 9% this year and an additional 4% in 2025 before leveling off. That would still leave food prices nearly 25% above the average level from 2015 through 2019.

    “Energy prices are expected to drop by 6% in 2025 and an additional 2% in 2026.

    “Falling food and energy prices should make it easier for central banks to control inflation.

    However, an escalation in armed conflicts could complicate that effort by disrupting energy supply and driving up food and energy prices”.

    Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President said, “Falling commodity prices and better supply conditions can provide a buffer against geopolitical shocks.

    “But they will do little to alleviate the pain of high food prices in developing countries where food-price inflation is double the norm in advanced economies. High prices, conflict, extreme weather, and other shocks have made more than 725 million people food insecure in 2024.”

    The World Bank further stated that over the past year, conflict in the Middle East has brought significant volatility to oil prices – particularly because of concerns that the oil and gas infrastructure of major commodity producers could be damaged if the conflict were to intensify.

    It said assuming the conflict does not intensify, the annual average price of Brent crude is expected to fall to a four-year low of $73 in 2025, down from $80 a barrel this year.

    The report also assesses what might happen if the conflict were to escalate, specifically if it resulted in reducing the global oil supply by 2 two percent, or two million barrels per day, by the end of this year – a scale of disruption that occurred with the Libyan civil war in 2011 and the Iraq war in 2003, and said, “If a similar disruption were to recur, Brent prices would initially rise sharply to a peak of $92 a barrel”.

    However, the Bank said oil producers unaffected by the conflict could quickly respond to higher prices by boosting oil production.

    “As a result, the price spike could be relatively short-lived, with the oil price averaging $84 a barrel in 2025. That would still be 15% above the baseline forecast for 2025 but only 5% above the 2024 average,” the World Bank submitted.

    AyhanKose, the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group said,

    “The good news is that the global economy appears to be in much better shape than before to cope with a significant oil shock.

    “That opens up some rare opportunities for policymakers in developing economies: first, declining commodity prices can provide a helpful complement to monetary policy to bring inflation back to targets; second, policymakers have a window to wind back costly fossil-fuel subsidies.”

    According to the Report, the average price of gold – a popular choice for investors seeking “safe haven” – is expected to hit a record this year, climbing 21 percent over the average in 2023.

    Gold holds a special status among assets, often rising in price during periods of geopolitical and policy uncertainty, including conflicts.

    “Over the next two years, gold prices are expected to remain 80% higher than the average in the five years preceding the COVID-19 pandemic, declining only slightly.

    “The price of industrial metals is expected to remain steady in 2025-26, as weakness in China’s property sector is offset by tight supply conditions and rising demand for some metals from the energy transition.

    However, unexpected growth outcomes in China could prompt volatility in metals markets,” the report states.

    A special focus section of the report which examines why global commodity-price movements were so synchronized during and after the pandemic finds that commodity prices moved in tandem during the 2020-23 period because of global economic repercussions of the pandemic as well as large-scale commodity-specific shocks such as Russia’s invasion of Ukraine.

    The World Bank noted that synchronized price increases tend to lead to higher global inflation and lower economic growth, and over the past year or so, price movements have become less synchronized.

     

  • Economist warns FG against World Bank, IMF

    Economist warns FG against World Bank, IMF

    The Chief Economist at SPM Professionals, Paul Alaje, has called on the Federal Government to be careful with advice given by global financial institutions like the World Bank and the International Monetary Fund (IMF).

    He made the call during an interview on Channels Television’s Politics Today, saying that adhering to sweet talk by the institutions could lead to further hike in the dollar-to-naira exchange rate.

    “The elephant in the room is the exchange rate. All the gains this administration has made, that is, if Naira increases to 2,000, it will wipe off everything. That is why we need to be extremely careful and not to listen to the sweetness of what some institutions are telling us,” he said.

    On Tuesday, the IMF urged countries facing high inflation, including Nigeria, to adopt tighter monetary policies to stabilise their economies.

    IMF’s economic counsellor and director of Research, Pierre-Olivier Gourinchas, stated this in Washington during a press conference unveiling the World Economic Outlook (WEO) at the ongoing IMF/World Bank annual meetings.

    Gourinchas stressed the importance of balancing monetary and fiscal policies to address inflation and debt challenges in affected regions.

    The IMF highlighted Sub-Saharan Africa as a region of particular concern. According to the WEO report, the region’s economic growth rate is expected to remain steady at 3.6 percent this year, with projections showing a modest rise to 4.2 percent next year. Despite these improvements, the economic landscape remains challenging due to weather-related shocks and conflicts.

    “In countries where inflation is very high, we recommend a tight monetary policy stance. In some cases, when possible, fiscal consolidation can help, though this is complicated by trade-offs many nations face,” he said.

    “Growth in the region is subdued and uneven,” Gourinchas noted. “Weather shocks and conflict have affected several countries, and inflation, although stabilising in some places, still poses significant challenges.”

     

  • Don’t reverse current economic reforms- World Bank warns FG

    Don’t reverse current economic reforms- World Bank warns FG

    Despite hardship in the country, World Bank has advised the federal government not to reverse the ongoing economic reforms, warning that it may have negative implications for the country.

    Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja on Thursday, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, said while the reforms may bring hardship, they were necessary for the nation’s long-term stability.

    Diop warned that, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”
    In the same vein, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the commitment of the federal government to sustain its reforms.

    “Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course, tackle inflation and ensure we move in the right direction.”

    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 as the country is expecting huge investments in the coming days.

    Removal of fuel subsidy and abolishing multiple foreign exchange systems were policies introduced by the current administration on day one in office.
    While the federal government has consistently defended the policies, many Nigerians have complained about their implications on the masses.

    Pump price of fuel which was N198 at the time the government of President Bola Tinubu removed subsidy, now sells above N1,000, while naira which traded below N600 for one dollar is now above N1,700 in the parallel market
    This is not the first time that World Bank would take such stance on Nigeria.

    At the 30th Nigerian Economic Summit (NES30) in Abuja last week, the World Bank Senior Vice President and Chief Economist, Mr. Indermit Gill, urged the Tinubu administration to sustain ongoing reforms despite the hardship.

    He said Nigeria requires the next 10 to 15 years to establish itself as a leading economic power, in sub-Saharan Africa and the global stage.

    But Country Director of ActionAid Nigeria, Andrew Mamedu, rejected this, saying the World Bank chief’s comment was insulting to the millions of Nigerians living through unprecedented economic hardship.