The World Bank has called on Nigerians to rally behind the ongoing economic reforms, emphasizing that any opposition or reversal could lead to severe repercussions for the nation.
During the launch of the Nigeria Development Update report in Abuja, the World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, underscored the necessity of these reforms for the long-term stability of the country, despite the challenges they present.
He warned that rolling back these initiatives would have dire consequences, stating, “Reversing the reforms would spell doom for Nigeria.”
Echoing Diop’s sentiments, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the importance of maintaining commitment to these reforms.
He remarked, “Any effort that is not sustained will be a waste.”
Edun, along with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, has been actively engaged in discussions on how to ensure the reforms remain on track.
In his comments, Edun elaborated on the government’s strategy to combat inflation while simultaneously attracting investments into vital sectors, particularly in industry, where job creation is a priority.
He noted, “We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip.”
Regarding the recent removal of subsidies, Edun highlighted the positive implications, stating, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”
This approach aims to enhance public services and improve the quality of life for Nigerians.
Central Bank Governor Mr. Olayemi Cardoso also spoke at the event, emphasizing the significance of boosting exports in response to the adjustments in the exchange rate.
He remarked, “The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods.”
This perspective aligns with the broader goals of stabilizing the economy and promoting sustainable growth.
The collective messages from these leaders underline the urgent need for public support and understanding of the reforms, which they believe are vital for Nigeria’s economic future.
