The World Bank has cautioned that reversing the economic reforms implemented by President Tinubu’s administration could be detrimental to the economic of Nigeria.
The World Bank Country Director for Nigeria, Ndiame Diop, issued this warning in Abuja during the launch of the Nigeria Development Update (NDU) report.
He further stated that the reforms introduced by President Tinubu’s administration are important for the economic long term of Nigeria and any attempt to roll them back will serve as a setback.
The removal of fuel subsidy and foreign exchange market liberalization, which is part of President Tinubu’s administration reforms are meant to address the challenges that are not easily resolved through short-term plans.
It is used to promote fiscal sustainability and establish a sustainable environment. Though it have also led outcomes such as high cost of living in Nigeria and rising inflation.
World Bank underscores the importance of continuing with the economic reforms that was implemented stating that it is crucial for the development of Nigeria’s economy.